đđ„ $400 Million Ethereum Hit Exchanges as ETH Price Faces Roadblocks
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Ethereumâs (ETH) recent price increase to $2,500 was a much-needed boost for the altcoin, which some crypto investors have written off. As the price increased, holders seized the opportunity to book profits by transferring 163,840 ETH into exchanges in the last 24 hours.
This development has raised concerns about the cryptocurrencyâs ability to retest $3,000. With challenges possibly ahead, this on-chain analysis examines the implications of the recent influx.
Ethereumâs massive exchange inflow started around September 18. During that period, only a small number flowed into exchanges after the coin positively reacted to the Fed rate cut.Â
However, according to IntoTheBlock, 163,840 ETH has been sent to exchanges in the last 24 hours. With ETH priced at $2,546, this volume translates to over $400 million. This spike represents the highest inflows since January 23, when 567,390 ETH entered these platforms.
Such significant inflows typically indicate increasing selling pressure, as it appears holders are locking in profits from the recent price hike. Additionally, the surge puts ETHâs price at risk of another downturn.
For instance, after the massive inflows in January, the altcoinâs value plummeted from $2,454 to $2,217 within a few days. If history repeats itself, Ethereumâs price could decrease in the short term.
