Will the Ethereum Rally Continue: Warning Data Received from Nansen!

The recent rise in Ethereum has caused investors to flock to the exchanges.

The data transmitted by the on-chain analysis platform Nansen was surprising. According to the data in question, the amount of Ethereum deposited to the exchanges on Tuesday, May 21, reached 81,840 ETH, worth $306 million. This was recorded as the largest single-day transaction since January.

However, with the stock market transfers that took place on Tuesday, a similar situation was observed for three consecutive days. Such a scenario was last seen in March 2024, when cryptocurrency prices reached their local peak.

Analysts noted that these large transfers are directly related to Ethereum increases. Investors have been warned of a possible sell-off or temporary peak.

Anagram's research partner, David Shuttleworth, emphasized that short-term investors may be sending assets to the exchanges to sell for profits.