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Surge in Ethereum withdrawals amidst price dip

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

the number of Withdrawals of Ethereum (ETH) from exchanges have steadily increased over the past week like asset’s price plunge from local heights.

According to data provided by News AgenciesETH price decreased by 3% in the past 24 hours. Ethereum is trading At $1,850 at the time of writing. the secondThe largest cryptocurrency also down by over 8% of its local height of $2,008 on May 6th.

Moreover, the number of Ethereum withdrawals from exchanges reached nearly 4,405, marking the highest level in 14 months. last Visible in March 2022, according to data provided by Glassnode.

For every tweet, the same behavior seen. seen in December last yearwhen ETH trading At about $1,250.

On the other hand, Glassnode data also shows that amount of supply of ETH active between one and two years on a one day average over 41,090,025 coins, marking A new All-time High (ATH).

By a report on May 7, issue of Deposits of ETH on centralized exchanges (CEXs) saw a surprise spikewhich led to short selling pressure on platforms.

Moreover, though asset’s price dropfees on The Ethereum blockchain rose to a one-year high of about 260 goy on 5. May according to the data provided by Ultra sound moneyfees on Ethereum network We are down 63% off the domestic peak and standing at 95 gwei at the time of writing.

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