420,000 ETH transferred to various crypto exchanges in recent weeks
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
The total value of the ETH moved, around $1.47 billion, might be substantial enough to impact the market. Ethereum's price has been subject to volatility in recent weeks, and movements of this scale can contribute to price fluctuations.At the time of writing, ETH was down 4.75% in the last 24 hours to $3,345, mirroring general market declines and down 10.21% weekly. ETH remains significantly down from highs of $4,093 attained on March 12.
Despite reports of the SEC attempting to reassess Ether's classification as a security and decreased odds of an ETF being approved, ETH's long-term investors appear not to be selling.Overall, ETH investors remain optimistic following the Dencun upgrade. This week saw the biggest amount of ETH exchanged on Mainnet since May 2022. ETH's daily average volume has been on an upward trend, similar to the early bull market in 2020-2021.
In contrast to the last bull market, layer 2s have dominated, with the total number of transactions on Base, Optimism and Arbitrum being more than double that of Mainnet. The number of ETH on L2s recently crossed 10 million for the first time, having doubled since last year.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Denver 420 fest: See Gucci Mane, Afroman, Big Boss Vette for freeGucci Mane, Afroman, and Big Boss Vette help Mile High 420 Fest light up downtown Denver this year.
Read more »
Stoner Movies: Best Films to Watch on 420Planning to get blazed and have a movie marathon for 420? We've got you covered with an unconventional list of films to watch on 420.
Read more »
Bitcoin (BTC) and Ethereum (ETH) Rally FurtherBitcoin and Ethereum continue to post new highs, despite the occasional sharp sell-off. The outlook remains positive as the Bitcoin halving event gets ever closer.
Read more »
Grayscale amends Spot Ethereum ETF filing, ETH trades sideways below $3,700Grayscale manages $10.87 billion in assets in its Ethereum Trust, and the asset manager recently amended its filing for a Spot Ethereum ETF.
Read more »
Ethereum (ETH) Fees Skyrocket as Dencun Upgrade Countdown Begins: What to ExpectEthereum sees highest fees in nearly two years amid meme coin frenzy
Read more »
Spot Ether ETF: 'No Grounds for Disapproval,' Major Expert SaysRecent SEC meeting with Grayscale, Coinbase representatives is good news for spot Ethereum (ETH) ETF enthusiasts
Read more »