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Ethereum Plunges Below $2,000 as Exchange Inflows Reach $445 Million in Minutes

Sun, 05/23/2021 - 09:31
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Alex Dovbnya
Ethereum has dipped below the $2,000 level after exchange inflows reached a 2021 peak
Ethereum Plunges Below $2,000 as Exchange Inflows Reach $445 Million in Minutes
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Ethereum dipped below a major support level of $2,000 for the first time since May 19 at 9:15 a.m. UTC on the Bistamp exchange.   

Prior to that, Moskovski Capital CIO Lex Moskovski noted that the cryptocurrency had recorded its biggest exchange inflows in 2021, with $445 million worth of ETH being deposited to trading platforms in mere 10 minutes. This, of course, was the harbinger of growing selling pressure.           

ETH
Image by @mskvsk

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Ethereum is currently down 54 percent from its all-time high of $4,356 that was reached just 11 days ago.  

The largest altcoin is also losing ground against Bitcoin, with the ETH/BTC pair shedding nearly 30 percent since its May 15 peak.      

Yet, Ethereum is still up 180 percent in 2021, far outperforming the crypto king.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.