According to CoinMarketCap, the price of Ethereum (ETH) continues to fall as the negative trend that has gripped the whole cryptocurrency market continues to intensify.
Technical and on-chain analyst Ali Martinez revealed in his Santiment chart posted on May 9 that about 333,000 Ethereum had been put in wallets of well-known crypto exchanges during the previous two weeks.
In light of Ethereum’s current value, Martinez estimated that $825 million had been lost on exchanges at the time of his post. In the interim, the price has fallen further, bringing the worth closer to $800 million.
What is the significance of the influx of ETH?
Price and supply on cryptocurrency exchanges are obviously going in opposing directions, as can be seen from the graph. When the market’s mood shifts, this kind of activity is to be expected.
To put it another way, an increase in the amount of money flowing into stock markets has traditionally been seen as a sign of a decline in demand, a rise in the asset’s availability for purchase, and a lower price.
According to CoinMarketCap statistics, the current price of Ethereum is $2,427, a 4.75 percent loss on the day and a 13.13 percent reduction compared to the price seven days ago.
As for the longer-term prospects for Ethereum’s assets, a group of crypto specialists is upbeat, at least in anticipation of Ethereum’s Merge upgrade, which will signal the formal shift to the Proof-of-Stake consensus mechanism (PoS).
Specialized forecasters expected that the DeFi token will average $6,872 in 2022, approximately $2,000 higher than its previous all-time high of $4,900 before dropping to $5,783 by the end of the year. They were right. Ethereum has a long way to go before it can live up to such high hopes.
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