Ethereum

Ethena

In this ongoing bullish market sentiment, the crypto community is eagerly awaiting the launch of a <a href="https://news.todayq.com/expert-predicts-ethereum-etf-launch-date-report/" rel="noopener noreferrer nofollow">spot Ethereum ETF</a> (Exchange Traded Fund). Amid this anticipation, a report from an on-chain analytic firm has garnered significant attention. On May 28, 2024, IntoTheBlock, an on-chain analytic firm, made a post on X (previously Twitter) indirectly signaling a massive sell-off in Ethereum. Ethereum dump incoming? 
According to the post on X, the current amount of Ethereum moving into exchanges has hit its highest point since January 2024. This surge followed a significant price increase that Ethereum experienced in the past few days. IntoTheBlock also highlighted that Ethereum saw a massive net inflow of 140.6K on Saturday. This net inflow marks the highest net deposit to exchanges in over four months.
The amount of Ether flowing into exchanges hit the highest point since January!With a netflow of 140.66k
IntoTheBlock noted that these high inflows to exchanges typically indicate selling behavior, as people either try to claim profits or succumb to FUD (Fear, Uncertainty, and Doubt). Despite this massive inflow on Saturday, Ethereum experienced a decent 5% upside move on Tuesday.
Currently, Ethereum is trading near $3,900, and in the last 24 hours, the price has remained stable. However, looking at Ethereum’s performance over a longer period, it has experienced a 4% upside move in the last seven days. Over the last 30 days, Ethereum’s price has seen a notable 19% increase. The reason behind this significant price surge is the recent approval of the Spot Ethereum ETF. Ethereum technical analysis and key levels&nbsp; 
According to expert technical analysis, Ethereum is bullish and heading toward a recent high of $4,090. In the coming days, there is a high chance that Ethereum will hit this level. If Ethereum closes above this level on a daily timeframe, it could reach $4,800 and make a new all-time high.
Besides Ethereum’s bullish outlook, the approval of the ETF has made Ethereum-based altcoins the top choice among investors and traders. Recently, crypto whales have been making significant bets on Ethereum-based tokens such as Ethena (ENA), PEPE, ONDO, and AAVE, as reported by Todayq News. Additionally, <a href="https://news.todayq.com/floki-skyrockets-21-whats-behind-this-surge/" rel="noopener noreferrer nofollow">FLOKI</a>, an Ethereum-based meme token, is gaining massive attention in the market.

Ethereum dump incoming? Here’s what on-chain data shows

Todayq News

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