Ethereum has been following the trajectory of Bitcoin and has registered a new 10% correction on its daily chart. cryptocurrencies The leading has suffered in the past week. Fear and uncertainty seem to drive market participants.
At the time of writing, ETH is trading at $2,270 with red on all charts. The cryptocurrency was rejected after briefly breaching the $2,800 area during yesterday’s trading session. The decline was followed by a sharp decline in Bitcoin and ETH.
Cryptocurrencies are in significant support and there is potential for more downside if bulls are unable to control bears at current price levels. Sales pressure is high. Data from analytics firm Jarvis Labs indicates that around 6:00 p.m. UTC, more than 177,900 ETH entered the Binance exchange.
A large influx of Bitcoin was also recorded, around 4,500 BTC into Binance around 10:00 UTC for cryptocurrencies. Both have had additional inflows on a smaller scale since then. Ethereum has flowed around 10,900 and 13,500 between midnight and 7:00 PM UTC.
ETH flows into exchanges reach their highest levels every year during May. Additional information for CryptoQuant is suggested on May 19th.th and 23rdEthereum Drops From Record High preceded by increased influx Based on the chart below, the price of ETH is trying to recover. But the pressure to sell doesn’t stop.
Why Ethereum has the potential to reverse in 2021
Although short-term dominated by bears, ETH has huge potential with the “London” Hard Fork and the release of EIP-1599, Ethereum 2.0 and future updates. Three of the most successful over the years: Non-Fungible Tokens (NFTs), DeFi and Inflation Value Storage.
The EIP-1599 will make ETH a deflationary asset, so many believe it to 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 speculated that Bitcoin would lose this competitive edge to Ethereum. The report called the Ethereum network the “Amazon of Information” and stated it had a “high chance” of becoming a repository. “Outstanding” Value Over Gold and BTC
The full report is published by Goldman Sachs with interviews with key figures in the crypto industry. One of them is Galaxy Digital Holdings CEO Mike Novogratz. He claims that ETH will support a global system adopted by many. They will take advantage of DeFi payments and NFTs. Novogratz said:
The biggest moves in the three crypto ecosystems, DeFi and NFT payments, are mostly built on Ethereum, so they get network-like prices. The more people use the more you build things only more And the price will be even higher in the end.