Following the last interest rate increase decision five days ago, Bitcoin (BTC), which has lost a total of 16% in value, is currently trading at $ 31,585, while Ethereum (ETH), which has lost 13% in the last 24 hours, is traded at $ 2,318.
Technical and chain analyst Ali Martinez, who took the lead on Twitter regarding the price of Ethereum (ETH), which is in the middle of the downward trend that has trapped the entire cryptocurrency market, revealed that about 333,000 Ethereum (ETH) have been deposited on crypto exchanges in the last two weeks, with a Santiment chart he shared.
According to analyst Ali Martinez, the amount falling on the exchanges is worth about $ 825 million.
"#Ethereum | Roughly 330,000 $ETH have been deposited in known #crypto exchange wallets over the past two weeks, worth approximately $825 million."
What Does Ethereum (ETH) Entry Indicate?
The chart Martinez shared clearly reveals the price of Ethereum (ETH) and its supply on exchanges moving in opposite directions. This is typical behavior for an asset that is actually consistent with changes in market sentiment.
Traditionally, the increase in listings indicates increasing selling pressure, decreasing demand as more participants are trying to sell rather than buying, and an increase in the affordability of the asset. Of course, this also contributes to lowering the price to a certain extent.
However, according to some crypto experts, when it comes to the long-term price outlook of Ethereum (ETH), the “Consolidation” update, which will mark the official transition of the network to the Proof-of-Stake (PoS) consensus mechanism, could be a nice booster.
While the amount of supply in the stock markets is increasing with each passing hour, the most important support for ETH is the $ 2000 level.