In a tweet that has caught the attention of the cryptocurrency community, Santiment has reported a whopping $505 million transfer of Ethereum tokens to Binance today. Over the past five years, this transfer has been regarded as one of the most significant transfers from self-custody to an exchange.
This significant transfer has also caused a spike in the Ethereum network, leading to its largest daily exchange supply increase since the day before the merge. This news has sparked discussions and speculation among crypto enthusiasts about the possible reasons behind this transfer.
In another update, on the Ethereum network, transaction costs have significantly increased over the previous month. It has been uncovered that this sudden spike in fees is linked to the implementation of the Shapella upgrade, which was rolled out on April 12th.
As per the available data, the on-chain fees have surged by an astounding 153%, soaring from $4.65 per transfer to an average of $11.80 per transaction at present. This considerable increase in fees points towards a significant rise in on-chain activity, indicating a growing demand for Ethereum transactions.
However, this is positive for the network’s general acceptance and expansion. Although it is unclear how this rise in transaction fees will impact the larger Ethereum ecosystem, it is certainly a development worth monitoring closely.
Ethereum (ETH) Price Analysis
On April 30th, Ethereum, the second-largest cryptocurrency, faced a decline as it dropped from its crucial resistance level of $1,908.74 to $1,809.19. It has been maintaining this level for the past five days.
Recent data from CoinMarketCap indicates that ETH is currently being traded at a value of $1,830.71, which reflects a 0.85% decline in its daily chart.
However, in the weekly chart, it has seen a 0.78% increase. Additionally, the trading volume of the currency has taken a hit, dropping by 16.43% to $7,162,847,762.
Cryptonewsz has made a price prediction for Ethereum, stating that it could have an average trading price of $2,755 in 2023, considering the cryptocurrency’s technical analysis and price fluctuations. ETH’s minimum and maximum prices are also estimated to be $1,607 and $3,904, respectively.
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