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24 February 2024
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ETH Number of Exchange Deposits Spikes Over 30% in 24H, Analyst Expects ETH to Hit $500 Soon

For over the course of the last twenty-four hours, Ethereum (ETH) exchange deposits have been significantly on the rise. According to the latest research report by the blockchain analytics research company Glassnode, the number of ETH exchange deposits has increased by more than 30% within the duration of the last 24 hours. This shows that ETH users are increasing their deposits into cryptocurrency exchanges. Meanwhile, a crypto analyst has forecasted the price value of ETH to reach $500 very soon.

ETH Exchange deposits hit new highs

Ethereum (ETH) deposits made into crypto exchanges by users have hit new highs recently according to the data revealed by Glassnode. Previously, ETH exchange deposits’ number was standing at 566,500 but now this number has surged high by more than 30.4% to reach a new all-time high figure at 172,438. And all this happened within the time frame of just 24 hours.

Source: Twitter

Apart from this, the number of Ethereum (ETH) wallets having more than 0.01 ETH has also increased to set a new all-time high. Reportedly, more than 1,000 ETH addresses with 0.01 ETH in it have been added.

Analyst: ETH Price May Soon Reach $500

As Ethereum network fundamentals seem to be becoming strong, a crypto analyst says, meanwhile, that the price value of the second-ranked digital currency is expected to post a potential bullish rally in the near-term case scenario. Michael van de Poppe who is also known as “Crypto Michael” took to twitter recently and said that ETH price is gearing up for making a significant move to reach the $500 level very soon. According to the major analyst, ETH is already creating momentum for this.

Ethereum 2.0 upgrade is the major factor that is expected to have a greater impact on the price value of ETH. Apart from this, the total ETH amount locked in DeFi is also spreading. These positive fundamentals may prove to be in the favor of the second-ranked digital coin and may accelerate the price rally for it.

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