Ethereum network’s active deposits have hit an eight-month high, which covers all incoming and outgoing transactions involving deposit addresses. This includes user-to-exchange transactions from a personal wallet to a deposit address, and from a deposit address to the main exchange wallet.
- According to the latest data from crypto-analytic Santiment, this surge in deposits could indicate potential volatility in Ethereum’s price.
- If there is an increase in price movement, it could have a similar impact on the asset as the blockchain’s highly anticipated transition from PoW to PoS during Merge or the FTX’s collapse.
- Ether’s price has remained stagnant in a tight range amid low trading volume despite the Fed’s expected 25 basis point interest rate hike and the Shapella upgrade event on April 12th.
- Although it is unclear which direction Ether’s price will take, data suggest an increase in selling pressure on the asset.
- Recently, investors holding 1,000 to 10,000 ETH offloaded a massive amount of tokens, leading to ETH suppression in the price.
- Furthermore, on May 2nd, ETH saw a transfer of $505 million to crypto exchange Binance, which signals bearish market sentiment.