Ethereum surged to $2,684, but now faces potential selling pressure.
Increased exchange deposits signal profit-taking and potential price correction.
Ethereum surged to a 16-day high of $2,684, bolstered by a wave of bullish momentum over the past week, gaining 8%. The rally mirrors Bitcoin’s recent rise above $68,000, pushing Ethereum to peak levels. However, as of today, Ethereum has pulled back slightly, trading at $2,623, with new signs indicating possible downside risks.
On Monday, Ethereum broke through the significant resistance level at $2,579, causing older, long-dormant coins to re-enter the market. Data shows a surge in activity from long-term holders, who have started moving their holdings, with the age consumed metric skyrocketing by over 400%. This renewed activity suggests that many investors are now seeking opportunities to take profits.
However, a notable increase in Ethereum’s netflow to exchanges suggests that a significant portion of these moved coi
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