Ethereum hits $3.7K as whales accumulate, but there’s a problem

Most metrics hinted at a price correction in the short-term.witnessed a massive price increase over the last week as its price sat comfortably above the $3.7k mark.

At the time of writing, ETH was trading at $3,789.10 with a market capitalization of over $455 billion.from IntoTheBlock, the number of ETH transactions larger than $100k spiked strongly, reaching its highest point since late March. A lot of the transactions were made by whales. AMBCrypto then checked Ethereum’s on-chain metrics to find whether buying sentiment was overall dominant in the market.We found that after a spike on the 22nd of May, ETH’s exchange reserve started to drop., ETH’s net deposit on exchanges was low compared to the last seven-day average, further establishing the fact that buying pressure was high.

Source: Digital Coin News (digitalcoinnews.net)

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ethereum ETH upgrade debate: How will EIP 3074 impact ETH’s future?Developers had mixed opinions about EIP 3074 during Ethereum's recent developers call. How will ETH react to this?
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum sees $12M whale transfer: What about ETH’s price?Ethereum has seen a notable shift in positive Netflow as an early holder recently moved a significant holding to an exchange.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum whale accumulates 15K ETH: Will this finally help prices?Wealthy investors accumulated substantial quantities of ETH as prices experienced a surge. Will ETH continue to rise?
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum clears THIS key hurdle: What’s next for ETH’s price?Ethereum [ETH] successfully broke above a bullish falling wedge pattern a few days ago, hinting at a 45% bull rally
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum price prediction: Is $4000 next after ETH’s +17% hike?Ethereum [ETH] has rallied to a two-month high after Bloomberg analysts increased the odds of the Ethereum Exchange Traded Fund (ETF) 's...
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum beats Mastercard: Explaining ETH’s 20% price surgeEthereum [ETH] has experienced a remarkable surge, ascending by nearly 20% in just the past day.
Source: CryptoAmb - 🏆 22. / 68 Read more »