Ethereum (ETH) had an eventful week with a promising start that quickly turned into a period of uncertainty. While many view the altcoin king as a beacon of innovation, current on-chain data suggests a potentially turbulent near future. Will we see a major price correction in the second largest cryptocurrency?
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Wave of ETH to crypto exchanges
Recently, data from analytics platform Glassnode showed that a significant portion of ETH was moved to centralized exchanges such as Coinbase and Bitvavo. In just four days, approximately 200,000 ETH, estimated to be worth around $460 million, were transferred to well-known crypto exchanges. Such moves suggest that investors may be planning to sell their holdings. Such inflows into exchanges are often an indication of impending selling, which often results in downward pressure on the price.
Around 200,000 in the last 96 hours alone $ETHvalued at approximately $460 million, were transferred to Known #Crypto Exchange wallets.
Such a significant increase could be a coming sign #Ether Price volatility. pic.twitter.com/N09a0NZLvR
– Ali (@ali_charts) December 22, 2023
Despite these moves, the impact on Ethereum’s price has been limited so far. With a current value of $2,287, the coin has only seen a minimal price drop of 1% in the last 24 hours. Even on a weekly basis, the price remains quite stable with a small increase of around one and a half percent. Although this mark was briefly exceeded, it continues to hover around $2,300. This situation exacerbates the currency’s struggle to stabilize above this value.
There is uncertainty: ETH in 2024
As the Ethereum community prepares for what appears to be a volatile period, the question remains: what lies ahead? The recent influx into the stock market could be a sign of both major price swings and a temporary fluctuation. Be that as it may, one thing is certain: the market remains unpredictable.
The world’s largest bank, JPMorgan, recently took a shot and stated that Ethereum could do significantly better than Bitcoin in 2024. A special forecast that excites investors despite a possible impending correction for next year.
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