Ethereum price prediction: $2.2B ETH moved to exchanges, $25B in ATH NFT sales

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Key Insights

  • $2.2 billion worth of Ethereum was moved to Exchanges.

  • ETH, alongside other cryptocurrencies, appears to be entering a correction period.

  • Ethereum leads and breached the $25 billion mark in all-time sales of NFTs.

Ethereum (ETH) is one of the largest crypto-based ecosystems within the crypto sphere as a whole.

This is due to the fact that the blockchain network was developed to support smart contracts, and this technology was specifically utilized by developers as a means of developing decentralized applications (dApps) and non-fungible tokens (NFTs), all of which have contributed to the growth of Decentralized Finance (DeFi).

In fact, without Ethereum, it is clear to say that the cryptocurrency industry might not be where it is today, as due to its success in bringing DeFi to the mainstream, we have seen numerous other competitors get created.

However, while Ethereum has achieved some impressive stats, its future could be a bit tricky.

$2.2 Billion Worth of ETH Was Moved to Exchanges, and Ethereum Reached $25 Million in All-Time NFT Sales

Santiment is a company that focuses on cryptocurrency metrics and conducts an on-chain analysis of specific blockchain networks.

On June 2, 2022, they ended up analyzing that $2.2 billion worth of Ethereum has moved back to exchanges.

Earlier this week, the market seemed to have gained some level of momentum. However, the current slump suggests that we might be in a bearish market.

The increased transfer of ETH into cryptocurrency exchanges suggests that investors are selling off their cryptocurrencies, which might fuel bearish sentiments.

However, there is a positive side to Ethereum throughout this week as well. Ethereum is by far one of the most popular chains when it comes to buying, holding, or selling digital collectibles in the form of non-fungible tokens (NFTs).

In fact, according to data from CryptoSlam, Ethereum had a total sales volume of $27.50 billion as of May 31.

This is a huge boost to the project, especially with the recent decrease in the value of its Ether (ETH) cryptocurrency. In May, its market capitalization decreased under $250 billion, as the value of ETH fell under $2,000.

This milestone puts Ethereum ahead of Ronin, Solana, Flow, and Polygon as the NFT blockchain network with the most all-time sales.

With all of this in mind, let’s go over how the value of Ethereum, specifically its native cryptocurrency token Ether (ETH), has been shaping up.

Technical Indicators

At the time of writing, on June 2, 2022, ETH was trading at $1,830.22. Ethereum has seen a decrease in value by 5.3% in the last 24 hours, but its trading volume has increased by 26.54%.

The all-time high value of the Ethereum cryptocurrency, Ether (ETH), occurred on November 10, 2021, when the coin reached a value of $4,878.26.

This gives us a clear indication that the cryptocurrency is currently trading at $3,048.04, under its all-time high point, which means that it has decreased by 62.48%.

Furthermore, we can also see that the cryptocurrency’s 7-day low was at $1,724.88, while its 7-day high was at a value of $1,996.80.

While ETH did reach its ATH in 2021, its progress thus far in 2022 hasn’t been as exciting.

With that in mind, the current resistance level of ETH is at $2,000, and if it breaks past it, it could climb back up to $2,500 by the end of June. However, ETH needs to avoid dipping under $1,800 if it wants to retain this momentum, as this could lead to a bearish outcome.

At its current price of $1,830.22, ETH has a high potential to climb in value, specifically due to the association with NFTs and that side of the crypto sphere, alongside powering many DeFi-based dApps.

This article was originally posted on FX Empire