Ethereum (ETH) price has failed to breach the $2,200 resistance since the completion of the Shapella Upgrade. On-chain metrics are flashing red signals as stakers remain positioned for sell-action. Will ETH lose its current support level? 

After a positive initial reaction to the completion of the Proof of Stake transition, the second-largest cryptocurrency by market cap is now facing an uncertain short-term future. Prominent data analytics firm, IntoTheBlock highlighted a surge in the volume of Large ETH transfers in the aftermath of the Shapella upgrade. As ETH 2.0 stakers began to look for alternative routes to deploy their newly-withdrawn holdings, could this impact Ethereum price negatively? 

Ethereum Stakers Are Loading Up Their Wagons

According to Glassnode, the supply of coins deposited on exchanges has increased by 100,000 ETH in the past week. Typically, this means investors looking to sell can now do so more quickly and easily. 

The chart below shows how ETH Balance on Exchanges increased from 18.09 million to 18.20 million coins between April 13 and April 17. 

When more coins are held on exchanges, they are often more readily available for trading. And with more ETH 2.0 stakers withdrawing their coins, they could soon pile on selling pressure and trigger a potential price correction in the coming days.

Furthermore, an analysis of select exchanges’ aggregate order books shows that the number of ETH up for sale currently outweighs demand around the current prices. 

According to the data

Go to Source to See Full Article
Author: Ibrahim Ajibade

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details