Can ETH hit $2,000 before the Shanghai upgrade? This dataset suggests that…

ETH’s upcoming Shanghai upgrade encourages more block trades ETH can robust demand but sell pressure and high leverage may undermine its $2000-target Ethereum’s blockchain has reportedly seen a noteworthy surge in large trades over the last 2 weeks. The kind of trades that are usually associated with more market confidence. Is your portfolio green? Check […]

However, despite bullish expectations, exchange flow observations paint a different picture.

Exchange outflows were slightly higher than inflows towards the start of April, but that quickly changed. As a result, the amount of ETH flowing into exchanges has been higher than outflows over the last few days.While exchange flows may not necessarily paint a clear picture of what is happening in the market, a look at whale flows might be a better option. This, because whales have more control over market direction.

Interestingly, whale supply distribution revealed that whales holding over 1 million ETH in their addresses have been buying. This category collectively controlled roughly 24% of ETH’s circulating supply at press time.On the other hand, whale categories holding between 10,000 and 1 million trimmed their balances over the last 24 hours. These two categories collectively controlled 41% of ETH’s supply at press time. This explains why exchanges have been experiencing higher inflows than outflows.

This reflects the sell pressure observed during the same time, as well as the bullish momentum in ETH’s price since the start of April.ETH slipped below the $1900-price level once again, with the alt valued at $1866, at the time of writing. A confirmation that sell pressure is still prominent, despite prevailing demand.before the upgrade if sell pressure prevails. The higher leverage also makes it susceptible to liquidations.Subscribe to get it daily in your inbox.

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