28 C
New York
Sunday, July 21, 2024

Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining

Must read

The number of ETH sitting on crypto exchanges continues to decrease and is now down to its lowest position since public trading began almost a decade ago.

However, that has not stopped the price of the second-largest cryptocurrency from further dropping to a new 6-week low.

  • CryptoPotato reported in late March that the Ethereum supply held on exchanges had declined to just 10.31%.
  • It seems investors have only continued withdrawing their ETH portions from trading platforms, as Santiment updated that the percentage has further declined to 10.1%.
  • The analytics resource asserted that this is the lowest figure since the asset began public trading after its launch in 2015.
  • At first, this data should sound bullish for the asset. This is because the selling pressure should be lower, given the fact that there are fewer coins sitting on trading platforms.
  • However, this has not been the case for the past few days. ETH touched $2,000 less than a week ago, but the subsequent rejection pushed it down hard.
  • After the CPI announcement on Wednesday, it pumped to $1,900 once again. Since then, though, ETH has plummeted by over $200 and earlier today charted a 6-week low of $1,740 (on Bitstamp).

SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

More articles

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Latest News