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Home » Crypto News » Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining

Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining

Author: Jordan Lyanchev

Last Updated May 12, 2023 @ 07:26

ETH is down by over $200 in the past few days alone.

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The number of ETH sitting on crypto exchanges continues to decrease and is now down to its lowest position since public trading began almost a decade ago.

However, that has not stopped the price of the second-largest cryptocurrency from further dropping to a new 6-week low.

  • CryptoPotato reported in late March that the Ethereum supply held on exchanges had declined to just 10.31%.
  • It seems investors have only continued withdrawing their ETH portions from trading platforms, as Santiment updated that the percentage has further declined to 10.1%.
  • The analytics resource asserted that this is the lowest figure since the asset began public trading after its launch in 2015.

👛 As #Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of $ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the #AllTimeHigh for non-exchange holdings. https://t.co/WVmeAJhhMM pic.twitter.com/eMXoRh9R76

— Santiment (@santimentfeed) May 11, 2023

  • At first, this data should sound bullish for the asset. This is because the selling pressure should be lower, given the fact that there are fewer coins sitting on trading platforms.
  • However, this has not been the case for the past few days. ETH touched $2,000 less than a week ago, but the subsequent rejection pushed it down hard.
  • After the CPI announcement on Wednesday, it pumped to $1,900 once again. Since then, though, ETH has plummeted by over $200 and earlier today charted a 6-week low of $1,740 (on Bitstamp).
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Tags: Ethereum Ethereum (ETH) Price
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About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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