Over $1.26 billion in Ethereum hits exchanges flows, sparking major market activity and potential price swings.
Ethereum Historically, when such huge numbers of any cryptocurrency begin to make their way into the exchanges, holders are looking to either sell or adjust positions, which could result in potential market volatility.According to IntoTheBlock data, Ethereum has witnessed a 13% increase in large transactions over the last 24 hours.
Generally, high net flow is an indicator of increased Ethereum volatility in the market, as more players are likely to cash out or speculate on changes in prices.According to Coinglass, 50.8% investors were holding long positions at press time. This slight majority indicated that market participants have been optimistic in betting on the rise in Ethereum’s price anytime soon.
However, judging from the amount of Ethereum transferring to exchanges, this massive exchange flow may challenge the bullish sentiment if more sellers start flooding the market.Based on the recent Fed interest cuts for the first time in four years and favorable market sentiments, Ethereum prices may rally in the near future.Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets.
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