Cryptocurrency News

Ethereum exchange skyrockets, down 10% in one day

Ethereum has followed BitcoinHas recorded a new 10% improvement in the trajectory and daily charts. The top cryptocurrency has suffered for the past one week. Fear and uncertainty are driving market participants.

At the time of writing, ETH trades at $ 2,270 with red in all charts. The cryptocurrency was disallowed after a brief breach of the $ 2,800 area. During yesterday’s trading session, Bitcoin declined after the rejection and ETH quickly followed.

ETH is on a downtrend in the daily chart. Source: ETHUSD Tradingview

If bulls cannot control bears around current price levels then cryptocurrency sits on significant support with potential to be more negative. The selling pressure is high. The data The analysis provided by the firm Jarvis Labs indicates that at around 18:00 UTC more than 177,900 ETH entered the Binance Exchange.

A large number of bitcoin flows was also recorded. Around 4,500 BTC entered Binance around 10:00 UTC. For both cryptocurrencies, Small has had additional flows since then. Between midnight and 19:00 UTC, Ethereum inflows were seen at around 10,900 and 13,500.

Source: Jarvis Labs

ETH inflows on the exchange platform have reached an annual high during May. Additional data provided to CryptoQuant shows that on May 19Th And 23Third, Ethereum dropped from its all-time high, before the flow increased. As the chart below shows, the price of ETH is trying to recover, but sales pressure remains constant.

Source: CryptoQuant

Why Ethereum Is Still Upward Potential in 2021

Although bears may be dominated in the short term, ETH has considerable potential with the introduction of the hard fork “London” and EIP-1599 Ethereum 2.0, And its future updates. In addition, the platform hosts three of the most successful narratives and fields in previous years: irreplaceable tokens (NFTs), DFIs, and a storehouse of value against inflation.

EIP-1599 will make ETH a deflator property. Therefore, many believe that it will be a better hedge against inflation and a better version of digital gold than bitcoin.

Earlier this week, A. Leaked report Banking giant Goldman Sachs predicted that Bitcoin would lose the race to Ethereum. The report called Ethereum’s network an “Amazon of information” and said it has a “high probability” of becoming a “major” store of value on gold and BTC.

Goldman Sachs has published the full report along with interviews with important personalities in the cryptocurrency industry. One of them is Mike Novogratz, CEO of Galaxy Digital Holdings. He claimed that ETH would support the global system adopted by many. They will take advantage of Paid, Defy and NXT, Novogratz said:

The three biggest steps in the crypto ecosystem — Payments, Defy, and NXT — are being built mostly on Ethereum, so it’s going to be priced like a network. The more people use it, the more stuff is built on it, and ultimately the higher the price.

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