RATE Group | Price drop imminent? Ethereum balances on exchanges at historical high
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Price drop imminent? Ethereum balances on exchanges at historical high

17 May Price drop imminent? Ethereum balances on exchanges at historical high

Posted at 12:29h in Cryptocurrency News by

Ethereum ETH

Source: Wit Olszewski – Shutterstock

  • The total balance of Ethereum on crypto exchanges has reached an all-time high. According to some analysts, this trend could point to an imminent correction of the ETH price.
  • Meanwhile, the balance of Bitcoin on the exchanges has fallen by 300,000 BTC since the annual low in March.

Earlier this year Ethereum was in a strong uptrend that propelled it to its annual high of $285. However, like the entire crypto market, Ethereum was hit by the unexpected appearance of the COVID-19 pandemic. Due to this, Ethereum fell sharply and recorded losses of around 50% in less than 24 hours, causing the cryptocurrency to fall below $100.

Since then, ETH has been recovering and is trying to reach the annual high. However, some analysts are skeptical about ETH’s performance and predict an imminent crash. At the time of publication, ETH is priced at $201 with slight gains of 0.79% in the last 24 hours and  a gain of 17.12% over the past month.

Quantity of Bitcoin…

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