Is Ethereum Staging a Short-Term Rally - Price Analysis.
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2022-05-10 | Selina Mathew
As the price of Ethereum (ETH) continues to fall amid the gloomy trend that has gripped the whole cryptocurrency market, the token is seeing significant selling pressure, as seen by its large influx into cryptocurrency exchanges.
According to a Santiment graphic released by technical and on-chain analyst Ali Martinez on May 9, roughly 333,000 Ethereum has been put in wallets of established crypto exchanges during the last two weeks.
Martinez estimated that the money lost on the exchanges was about $825 million based on the price of Ethereum at the time of the tweet. In the meanwhile, as the price falls, the worth is approaching $800 million.
What does the ETH influx imply?
The price of Ethereum and its supply on exchanges are obviously moving in different directions, as shown in the graph. This is normal asset activity in response to changes in market sentiment.
Price study of Ethereum
Indeed, at press time, the price of Ethereum was $2,427, a 4.75 percent loss on the day and a 13.13 percent reduction from its previous price seven days prior.
A panel of crypto experts, on the other hand, is positive on Ethereum, at least in the long run, as the network awaits the Merge upgrade, which will signal the network's official transfer to the Proof-of-Stake (PoS) consensus mechanism.
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