Ethereum's Active Deposits and Trading Signals Highlight Market Trends.
TL;DR Summary
Active deposits on the Ethereum network have surged to an 18-month high, with over 20,000 deposits, possibly due to PEPE token traders looking to cash out their profits from the meme coin. The surge in activity has also led to a rise in gas fees, with knock-on consequences across the ecosystem. Spikes in active Ethereum deposits often foreshadow volatility in the price of ETH, and the recent decision by the Ethereum Foundation to transfer 15,000 ETH to a Kraken deposit address could pre-empt a drop in the price of ETH.
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- Pepecoin Drops Nearly 50% From Highs as Traders Likely Taking Profits for Ether CoinDesk
- Ethereum Staking Deposits Gain Ground as Withdrawals Flatlines BeInCrypto
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