The price of Ethereum (ETH) has been rising and falling for most of this year. The currency was worth $900 in January, but reached an all-time high past the $2000 mark last month before dropping back down to around $1,500 at time of writing. Experts are looking into what caused these fluctuations in ETH’s value and whether they’re a sign that the cryptocurrency is here to stay or if it will fall off like many others have done before it.,
Ethereum (ETH) outflows spike to ATHs after dip to $4,000. The price of ethereum has been fluctuating a lot in the past few months. Read more in detail here: ethereum price.
According to on-chain statistics, Ethereum exchange outflows hit all-time highs yesterday, with ETH losing about 15% of its value and dropping as low as $4,000.
This demonstrates that the bulk of Ethereum holders have kept faith in the currency and have been purchasing the dip in large numbers.
Ethereum investors pounced on yesterday’s price drop.
While some experienced traders may have been scared by last week’s market drop, others seem to have leaped at the chance to purchase the freshly provided dip.
Ethereum’s outflow volume from exchanges hit an all-time high yesterday, according to statistics from crypto analytics platform Glassnode, surpassing $100 million in a single day. This indicates that traders and investors are aggressively withdrawing cash from exchanges, reducing the selling pressure on ETH.
The 7-day moving average for Ethereum’s exchange outflow volume is shown in this graph (Source: Glassnode)
Further examination of exchange data revealed a considerable rise in derivative exchange outflow as well. According to CryptoQuant data, the number of ETH taken from derivative exchanges over tenfold increased between November 14th and November 15th.
From January 1st, 2021 to November 16th, 2021, a graph depicting Ethereum’s derivative exchange outflows was created (Source: CryptoQuant)
Because most rises in exchange outflow correspond to price increases, it’s reasonable to assume that a large number of Ethereum traders and investors took advantage of this week’s price drop to boost their holdings. In the long term, we’ll have to observe how other on-chain measures, such as price, respond to the unexpected lack of ETH on exchanges.
Gain a competitive advantage in the cryptoasset market.
As a premium Edge member, you’ll get additional crypto insights and context in every story.
Analyses of the whole chain
Snapshots of prices
a little more context
For just $19 a month, you can become a member right now. Examine all of the advantages.
Posted in: Analysis, Ethereum
Like what you’ve seen so far? Stay up to date by subscribing.
The “uniswap” is a cryptocurrency that has seen its price fluctuate a lot recently. It dipped to $4,000 before spiking to ATHs.
- ethereum max
- whale in bitcoin
- biggest whale alert
- ether cryptocurrency