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Ethereum Price Declines as On-Chain Data Suggests Continued Downward Trend Amidst Increased Selling Pressure and Whale Activity on Crypto Exchanges

The price of Ethereum (ETH), the second largest cryptocurrency, has experienced a slight decline in the past week due to increased selling pressure in the digital asset market. On-chain data suggests that this downward trend may continue in the future. According to IntoTheBlock, 、

Ethereum has seen the highest inflows into centralized exchanges (CEXs) in the past two months, with over $383 million worth of ETH deposited this week alone. A dormant whale wallet containing 61,216 ETH, worth approximately $116 million, was recently awakened after eight years and deposited all of its holdings to the crypto exchange Kraken.

Additionally, several whales have moved large amounts of Ethereum to different crypto exchanges in the last 24 hours, with Coinbase and GateIO receiving significant inflows.

Ethereum Ethereum $3,352.93
+9.01%
Ethereum Cryptocurrency
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