Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
#Ethereum | Roughly 330,000 $ETH have been deposited in known #crypto exchange wallets over the past two weeks, worth approximately $825 million. pic.twitter.com/EWNxInBDV4
— Ali Martinez (@ali_charts) May 8, 2022
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.
? #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just went above $30,000,000,000.
— glassnode alerts (@glassnodealerts) May 9, 2022
Current value: $30,063,898,546
View metric:https://t.co/1ezmu1GKcj pic.twitter.com/Jid1VSfAhO
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.
Godfrey Benjamin
Dan Burgin
Alex Dovbnya
Vladislav Sopov