FEDWhile the crypto money market, which has a downward trend after the last interest rate hike decision, is still losing blood, it is over $ 800 million. Ethereumcontinues to flow into the stock markets as the selling pressure increases.
Following the last interest rate hike decision 5 days ago, a total of 15% depreciation bitcoin (BTC) is currently trading at $32,896, while Ethereum (ETH), which has lost 12% in the last 24 hours, is traded at $2,250.
Ali Martinez, technical and chain analyst on the price of Ethereum (ETH), which is in the middle of the downward trend that has trapped the entire crypto money market, revealed that about 333,000 Ethereums have been deposited on crypto exchanges in the last two weeks, with a Santiment chart he shared.
According to Martinez, the amount falling on the exchanges is worth about $ 825 million.
#Ethereum | Roughly 330,000 $ETH have been deposited in known #crypto exchange wallets over the past two weeks, worth approximately $825 million. pic.twitter.com/EWNxInBDV4
— Ali Martinez (@ali_charts) May 8, 2022
What Does ETH Entry Indicate?
The chart Martinez shared clearly reveals the price of Ethereum and its supply on exchanges moving in opposite directions. This is typical behavior for an asset that is actually consistent with changes in market sentiment.
Traditionally, the increase in entry to stock markets has increased selling pressure, as more participants try to sell rather than buy. decreased demandand affordability of the assetone in increase shows that. Of course, this also contributes to lowering the price to a certain extent.
However, according to some crypto experts, when it comes to the long-term price outlook of ETH, the “Consolidation” update, which will mark the official transition of the network to the Proof-of-Stake (PoS) consensus mechanism, could be a nice booster.
While the amount of supply in the stock markets is increasing with each passing hour, the most important support for ETH is the $ 2000 level.