Ethereum has declined more than 5% in the past 24 hours to touch intraday lows of $2,358
According to Saniment data, Ethereum has seen a major influx into exchanges in recent weeks. According to data shared by crypto analyst Ali Martinez, 330,000 ETH worth nearly $825 million have been transferred to crypto exchange wallets in the past two weeks.
An increase of inflows to exchanges might suggest increased selling pressure resulting from decreased demand. As the asset is being put up for sale, this leads to its availability on exchanges and a consequent drop in price.
Amid recent price volatility, Ethereum is down more than 5% in the past 24 hours to hit intraday lows of $2,358. Ethereum is trading at $2,394 at press time.
In positive news, the popular photo-sharing app Instagram might soon allow the display of NFTs issued on Ethereum, Polygon, Solana and Flow free of charge.
Ethereum on-chain data
According to glass knot alerts, Ethereum MVRV (1d MA) touched a three-month low of 1.350. This level was last seen on February 24 when Ethereum fell to $2,300. Ethereum then rebounded to trade at highs of $3,045 on March 2.
Metrics like MVRV usually help point out when trader pain reveals buy windows. Negative MVRV levels might present opportunities for a price upswing to bring traders some relief. Also, Ethereum ETH Total Value in the ETH 2.0 Deposit Contract has ticked above $30 billion once more. Presently, the total value locked in the ETH 2.0 deposit contract stands at around $30,063,898,546, as indicated by Glassnode.
Amid market volatility, Ethereum’s number of non-zero addresses recently established an ATH of 80,281,674. Meanwhile, Ethereum’s (ETH) total gas consumption continues to fall, hitting a low of four month of 4,032,691,707.643.