- ETH exchange deposits increased, pushing the coin price down the charts.
- The altcoin may drop below $1,800 but recovery may not take long.
Net exchange deposits of Ethereum [ETH] hit a five-month high, according to data from IntoTheBlock. The crypto market insight platform disclosed that 127,183 ETH flowed into exchanges on 1 November, making it the highest the network has seen since May.
Ethereum just hit a 5-month peak in net exchange deposits yesterday, with 127,183 ETH flowing into exchanges. The last time ETH recorded a higher number was in May. pic.twitter.com/reYDwuEC5D
— IntoTheBlock (@intotheblock) November 2, 2023
Is your portfolio green? Check the ETH Profit Calculator
A deposit into a crypto exchange is an on-chain transaction of transferring an asset from an external source (usually a non-custodial wallet) into an exchange. Inflows like this usually mean that the cryptocurrency in question could risk plummeting in price.
Like in May, ETH falls
For ETH, the price action felt the impact of the flow. At press time, ETH’s value was $1,784. This was because of the 2.72% decrease it experienced in the last 24 hours. In May, when a similar thing occurred, ETH dropped below $1,8000.
But a few weeks later, the altcoin price jumped close to $2,000. The question here is “Can ETH repeat the same performance?”
Well, the information from Ethereum’s
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Author: Victor Olanrewaju
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