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330,000 ETH Moves to Exchange Wallets as Ethereum Price Dips Near $2,400

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Mon, 05/09/2022 - 15:45
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Tomiwabold Olajide
Ethereum has declined more than 5% in the past 24 hours to touch intraday lows of $2,358
330,000 ETH Moves to Exchange Wallets as Ethereum Price Dips Near $2,400
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According to Santiment data, Ethereum has seen a significant inflow into exchanges in recent weeks. According to data shared by crypto analyst Ali Martinez, 330,000 ETH valued at nearly $825 million have been moved into crypto exchange wallets in the last two weeks.

An increase of inflows to exchanges might suggest increased selling pressure resulting from decreased demand. As the asset is being put up for sale, this leads to its availability on exchanges and a consequent drop in price.

Amid the recent price volatility, Ethereum has declined more than 5% in the past 24 hours to touch intraday lows of $2,358. Ethereum trades at $2,394 at the time of publication.

In positive news, the popular photo-sharing app Instagram might soon allow the display of NFTs issued on Ethereum, Polygon, Solana and Flow free of charge.

Ethereum on-chain data

According to Glassnode alerts, Ethereum MVRV (1d MA) has touched a three-month low of 1.350. This level was last seen on Feb. 24 when Ethereum dipped to lows of $2,300. Ethereum subsequently rebounded to trade at highs of $3,045 on March 2.

Metrics like MVRV usually help point out when trader pain reveals buy windows. Negative MVRV levels might present opportunities for a price upswing to bring traders some relief. Also, Ethereum ETH Total Value in the ETH 2.0 Deposit Contract has ticked above $30 billion once more. Presently, the total value locked in the ETH 2.0 deposit contract stands at around $30,063,898,546, as indicated by Glassnode.

Amid market volatility, the Ethereum Number of Non-Zero Addresses has recently set an ATH of 80,281,674. Meanwhile, Ethereum's (ETH) Total Gas Usage continues to drop, touching four-month lows of 4,032,691,707.643.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.