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Here's What Pushes Ethereum (ETH) Down from $1,700 Six-Month High

Fri, 02/03/2023 - 16:00
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Yuri Molchan
Ethereum has just managed to regain $1,700 but has been pushed back down again
Here's What Pushes Ethereum (ETH) Down from $1,700 Six-Month High
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The second major cryptocurrency Ethereum reached a half-year high on Thursday. However, it was pushed back quickly, now exchanging hands at the $1,657 level.

Santiment on-chain data aggregator has suggested a reason why it happened.

Lack of trust from traders pushed Ethereum down

Per a recent tweet published by the above-mentioned platform, Ethereum reached a level that high for the first time since mid-September. The likely reason for the price surge was expectations of the Non-Farm Payrolls report that, in January, 185,000 jobs were added, versus 223,000 jobs in December.

However, as February began, traders began to lock in their profits, selling ETH and withdrawing funds.

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Santiment stated that February saw the biggest ratio of profit transfers since the same month in 2021.

"Traders do not believe this climb will continue," the tweet said.

However, there is good news too: the supply of Ethereum on exchanges at the moment is the lowest since June 2018. This means that traders still prefer self-custody for their crypto rather than hot wallets on exchanges, Santiment explained in a comment to its tweet.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at