Ethereum

Ethereum 2.0

ETH 2.0

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<p class="is-style-lead">Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) sees market uncertainty as exchange deposits recently surged to a one-month high. Staked ETH on the Ethereum 2.0 deposit contract hit an all-time high.</p> 
<p>According to Glassnode, the value recently reached a one-month high, clocking in at 2,145.</p> 
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   <p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> Number of Exchange Deposits (7d MA) just reached a 1-month high of 2,145.685<br><br>Previous 1-month high of 2,145.327 was observed on 04 September 2023<br><br>View metric:<a href="https://t.co/Bar49XOvlB" target="_blank">https://t.co/Bar49XOvlB</a> <a href="https://t.co/Malli7yTlw" target="_blank">pic.twitter.com/Malli7yTlw</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1698942884488057114?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 5, 2023</a>
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<p>This indicator, which measures the flow of ETH into exchanges, typically raises concerns among investors. An increase in exchange deposits often signals bearish sentiment, implying a potential surge in selling pressure.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/usdts-market-cap-drops-for-the-first-time-in-2023/"> USDT’s market cap drops for the first time in 2023 </a> </p> 
<p>Investors seem eager to send their ETH holdings to exchanges, possibly anticipating a downward trend in the market.</p> 
<p>Moreover, a historical perspective adds depth to this concern. The last time the hourly chart recorded over 2,000 ETH deposits was in June, coinciding with ETH’s surge above $1,900. Subsequently, ETH experienced weeks of consolidation on the back of the spike in exchange deposits.&nbsp;</p> 
<p>On the other side of the spectrum, the second metric paints a more optimistic picture. Glassnode reports that the total value of the Ethereum 2.0 Deposit Contract has soared to an all-time high of 28,595,373 ETH.&nbsp;</p> 
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   <p lang="en" dir="ltr">📈 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Ethereum</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 28,595,373 ETH<br><br>View metric:<a href="https://t.co/SzbMPqvhlb" target="_blank">https://t.co/SzbMPqvhlb</a> <a href="https://t.co/E8NS5LYmpT" target="_blank">pic.twitter.com/E8NS5LYmpT</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1698942879429738875?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">September 5, 2023</a>
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<p>This figure represents a substantial 23.8% of the total circulating ETH supply. The metric signifies the amount of ETH staked by investors and locked in the Ethereum 2.0 deposit contract.</p> 
<p>Intriguingly, while the Shanghai <a href="https://crypto.news/ethereums-price-expectations-amid-shanghai-upgrade/">upgrade</a> in April allowed investors to withdraw their ETH tokens from the deposit contract, deposits continued to increase. This steady uptick suggests growing confidence and has persisted until now.</p> 
<p>What makes this metric particularly bullish is its potential to reduce selling pressure and contribute to a deflationary trend. As more ETH gets staked and locked in the deposit contract, fewer tokens remain in circulation, which can drive up the token’s value. </p> 
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  ETH price – Sep. 5 | Source: Trading View
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<p>Meanwhile, ETH has continued to shed off its value since <a href="https://crypto.news/ethereum-holds-above-1-7k-more-transactions-in-loss/">hitting</a> the $1,745 high on Aug. 31. Despite the consistent drop. The asset has defended the psychological support at $1,600 firmly, hedging against declines below the threshold. ETH is trading for $1,628 at the time of writing.</p> 
<p> Read more: <a href="https://crypto.news/stake-reportedly-hacked-15-7m-suspiciously-moved/"> Stake reportedly hacked, $15.7m suspiciously moved </a> </p>

Ethereum exchange deposits surge while staked ETH hits ATH

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