In early May, the influx of ether to exchange wallets increased. According to Santiment, the number of traders sending cryptocurrencies to trading platforms has grown to the highest level since November 2021.
The increase in the number of ETH deposits on exchanges was followed by a reset, which resulted in the fall of the altcoin below $1900.
However, after the sale of part of the cryptocurrency, traders returned to accumulative tactics. This week, they resumed the withdrawal of ether from exchange wallets.
Cryptocurrency volume on trading floors has fallen to its lowest level in eight years. Currently, 10.13% of the total market supply of ether is placed on exchanges.
A similar situation was observed in July 2015, according to the Santiment review. However, the reduction in the ETH exchange balance did not reduce the risks of a new rollback, and the cryptocurrency fell below $1,800 the day before.
Ethereum has fallen in price along with bitcoin.
At the time of this review, the largest altcoin was trading on the Bitstamp platform at $1,767, its lowest level in six weeks.
Over the past seven days, it has lost more than 7% in value, its capitalization has fallen to $214.458 billion.
