Ethereum

April

<p>Ethereum network&#8217;s active deposits have reached an eight-month high. This metric depicts the total number of all incoming and outcoming transactions involving deposit addresses and accounts for both user-to-exchange transactions &#8211; from a personal wallet to a deposit address, as well as from a deposit address to the main exchange wallet.</p>
<ul>
<li>According to the latest <a href="https://twitter.com/santimentfeed/status/1654355262638288897" target="_blank" rel="noopener" data-wpel-link="external">data</a> compiled by crypto-analytic Santiment, the deposits hitting an eight-month high could potentially foreshadow volatility in Ethereum&#8217;s price.</li>
<li>In such a case, the enhanced price movements are likely to have a similar effect on the asset to that of the blockchain&#8217;s highly anticipated transition from PoW to PoS during Merge, as well as the FTX&#8217;s collapse.</li>
<li>The volatility forecast comes as Ether&#8217;s price remained trapped in a tight range amid low trading volume, unfazed by the Fed&#8217;s widely expected 25 basis point interest rate hike.</li>
<li>The <a href="https://cryptopotato.com/what-is-the-ethereum-shanghai-shapella-upgrade-everything-you-need-to-know/" data-wpel-link="internal">Shapella upgr</a><a href="https://cryptopotato.com/what-is-the-ethereum-shanghai-shapella-upgrade-everything-you-need-to-know/" target="_blank" rel="noopener" data-wpel-link="internal">ade</a> also failed to charm the bulls, as the asset is up by a mere 3% since the event on April 12th.</li>
<li>While it is unclear as to the direction Ether&#8217;s price will be swayed in the near term, data suggest increased selling pressure on the asset.</li>
<li>ETH suppression in the price comes as whales holding 1,000 to 10,000 ETH <a href="https://twitter.com/ali_charts/status/1653302180105842688?" target="_blank" rel="noopener" data-wpel-link="external">offloaded</a> a massive amount of tokens over the past two weeks.</li>
<li>Moreover, ETH also saw the <a href="https://twitter.com/santimentfeed/status/1653149761300733953" target="_blank" rel="noopener" data-wpel-link="external">transfer</a> of $505 million to crypto exchange Binance on May 2nd. This level of exchange inflow was last seen before the Merge. Investors depositing their ETH tokens on exchange is typically a bearish indication.</li>
</ul>
<p>The post <a href="https://cryptopotato.com/ethereum-eth-could-be-hit-by-new-wave-of-volatity-data/" rel="nofollow">Ethereum (ETH) Could be Hit by New Wave of Volatity: Data</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Ethereum (ETH) Could be Hit by New Wave of Volatity: Data

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