Ethereum's Active Deposits and Trading Signals Highlight Market Trends.
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.