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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Down 10% In One Day, Ethereum Exchange Inflows Skyrocket

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
ethereum eth ethusd

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Ethereum has followed Bitcoin‘s trajectory and has registered a new 10% correction in the daily chart. The top cryptocurrencies have suffered for the past week. Fear and uncertainty seem to be driving market participants.

At the time of writing, ETH trades at $2,270 with red across all charts. The cryptocurrency was rejected after it briefly breached the $2,800 area. During yesterday’s trading session, the rejection was followed by a dropped in Bitcoin and ETH quickly follow.

Ethereum ETH ETHUSD
ETH on a downtrend in the daily chart. Source: ETHUSD Tradingview

The cryptocurrency sits at critical support with the potential for more downside if the bulls can’t contain the bears around current price levels. Selling pressure is high. Data provided by analysis firm Jarvis Labs indicates around 18:00 UTC more than 177,900 ETH entered Binance exchange.

A large number of Bitcoin inflows was recorded as well. Approximately 4,500 BTC entered Binance around 10:00 UTC. For both cryptocurrencies, there were additional inflows in smaller since. Ethereum inflow saw around 10,900 and 13,500 between midnight and 19:00 UTC.

Ethereum ETH ETHUSD
Source: Jarvis Labs

ETH inflows to exchange platforms have reached yearly highs during May. Additional data provided for CryptoQuant suggest that on May 19th and 23rd, Ethereum dropped from its all-time high was preceded by a surge in inflows. As the chart below shows, ETH’s price has been trying to recover, but the selling pressure has been relentless.

Ethereum ETH ETHUSD
Source: CryptoQuant

Why Ethereum Still Have Upside Potential In 2021

Although the short term could be dominated by the bears, ETH has much potential with Hard Fork “London” and the introduction of EIP-1599, Ethereum 2.0, and its future updates. Also, this platform host three of the most successful narratives and sectors over the past years: Non-Fungible Tokens (NFTs), DeFi, and the store of value against inflation.

The EIP-1599 will make ETH a deflationary asset. Therefore, many believe it will be a better hedge against inflation and a better version of digital gold than Bitcoin.

Earlier this week, a leaked report by banking giant Goldman Sachs predicted that Bitcoin will lose this race to Ethereum. The report called Ethereum’s network the “Amazon of Information” and stated that it has a “higher chance” of becoming the “dominant” store of value over gold and BTC.

The full report has been published by Goldman Sachs with interviews with important personalities in the crypto industry. One of them is Mike Novogratz, CEO of Galaxy Digital Holdings. He claimed that ETH will support a global system adopted by many people. They will leverage payments, DeFi, and NFTs, Novogratz said:

The three biggest moves in the crypto ecosystem—payments, DeFi, and NFTs—are mostly being built on Ethereum, so it’s going to get priced like a network. The more people that use it, the more stuff that gets built on it, and the higher the price will ultimately go.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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