The number of Ethereum (ETH) withdrawals from exchanges has seen a gradual increase over the past week due to ETH's price drop from its local highs. At the time of writing, Ethereum is trading at a price of $1,850 USD, which is 8% lower from its high of $2,008 on May 6th. In addition, data from crypto.news and Glassnode demonstrate that this trend of withdrawals has reached a 14-month high, with approximately 4,405 ETHs exiting centralized exchanges.
Similarly, the amount of ETH supply active between one and two years has also reached an all-time high of around 41,090,025 according to the Glassnode data. On May 7, there was a sudden rise in the number of ETH deposits to centralized exchanges (CEXs) which caused a short selling pressure on the platforms.
In addition to this, the fees on the Ethereum network are experiencing a boost to one-year highs of 260 gwei, although they have since begun to decline to 95 gwei at the time of writing. As an open-source platform, Ethereum has experienced significant economic as well as technological progress in recent years, which this data is indicative of.
Cryptocurrency continues to be an evolving space and Ethereum forms an important part of this. With several applications, ETH remains a valuable asset in the blockchain industry and shows promise for further growth. In the case of Ethereum and the broader crypto space, staying alert to the changing market trends is the key to success. As the digital asset economy continues to mature, this activity shows that investors remain interested in the space, as well as the potential of Ethereum to improve e-commerce.
Lucas Martin
- 2023-05-08
Ethereum Withdrawals Reach 14-Month High
Ethereum (ETH) withdrawals from exchanges have seen a steady rise over the past week. Data from crypto.news and Glassnode show that the withdrawals have reached a 14-month high, with around 4,405 ETHs exiting centralized exchanges. The fees on the Ethereum network have also seen an unprecedented rise, with investors remaining interested in the asset’s potential to improve e-commerce.
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