Wednesday, July 24, 2024

Potential Ethereum price decline ahead due to growing selling pressure.

Between December 21 and Saturday, there was a noticeable increase in Ethereum supply on exchanges. There is more Ether available to sell when ETH reserves in exchange wallets rise, which usually puts additional selling pressure on the altcoin.

The selling pressure may cause the price of ETH to retrace. The price of ETH remains above $2,200 on Binance as of this writing.

Exchange platforms are inundated with Ethereum tokens.
Ethereum supply on exchanges as a percentage of Ether’s total supply increased from 8.07% to 8.16%, according to Santiment’s on-chain data. The figure below shows how many more ETH tokens there are on the trading platform than there were three months ago. Growing selling pressure may cause the price of ETH to drop.

According to IntoTheBlock data, the amount of Ethereum that exchanges (or aggregated exchanges) received over the previous week increased by 62%.

The ETH traders’ profit-taking is evident in the network realized profit/loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.

The Cancun/Deneb update will soon be enabled on public Ethereum test networks, according to dates that Ethereum developers have tentatively established.

The following is the upgrade schedule:

  • On January 17, Goerli forked
  • Fork in Sepolia on January 31.
  • Fork in the Holesky on February 7

If developers find any unexpected bugs, the dates could be adjusted. During the most recent All Core Developers Consensus (ACDC) call, developers decided to get together again on January 4 to talk about the progress made.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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