Ethereum Exchange Inflows Surge After 10% Correction

Ethereum Exchange Inflows Surge After 10% Correction

The Ethereum exchange inflows surge after the recent 10% correction in the daily charts with the top cryptocurrencies suffering for the past week with fear and uncertainty seemingly driving the market participants as we can see in our latest Ethereum news.

At the time of writing, ETH trades at $2720 painting red across the charts and the cryptocurrency was rejected as it touched the $2800 area. During the trading session yesterday the rejection was followed by a drop in BTC and ETH. The cryptocurrency sits at the critical support with the potential for more downside if the bulls cannot contain the bears around the current price levels and the selling pressure is high. The data provided by analysis firm Jarvis Labs indicated that more than 177,900 ETH entered the Binance exchange.

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

A large number of BTC inflows was recorded as well and 4500 BTC entered Binance so for both cryptocurrencies being additional inflows in smaller chunks and the Ethereum exchange inflows saw around 10,900 and 13,500 between midnight and the morning. Additional data by CryptoQuant suggested that Ethereum dropped from its ATH which was preceded by a surge in inflows. As the charts show, the ETH price was trying to recover but the selling pressure is relentless. The short term was dominated by the bears so ETH has much potential with the London Hard Fork and the EIP-1599 and ETH 2.0 upgrades.

cryptoquant
Source CryptoQuant

The platform host three of the most successful narratives and sectors over the past few years, DeFi, NFT, and Defi with the store of value against inflation with and the EIP-1599 will make ETH a deflationary asset and many believe that it will be a better hedge against inflation and a better version of digital gold than BTC. Earlier this week, the leaked report by banking giant Goldman Sachs shows that BTC will lose the race to Ethereum and the report called Ethereum’s network the Amazon of Information, showed that it has a higher chance of becoming a dominant store of value over BTC and gold. The full report was published by Goldman Sachs with many popular personalities in the crypto industry and one of them was Mike Novogratz who is the CEO of Galaxy Digital Holdings who claimed that ETH will support a global system adopted by most people will leverage payments, NFT, and Defi.

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