Surge in Ethereum [ETH] active deposits spawns hope of $2,000, more inside

PEPE, a new memecoin, has caused a surge in Ethereum active deposits, with traders converting their profits into ETH and potentially driving the price above $2,000.

experienced a noteworthy ascent. It recorded a 6.28% increase in value and concluded its trading activities at a respectable $1,996.96.

The momentum propelled its price to reach a notable milestone, breaching the $2,000 mark. However, as of this writing, ETH has encountered a slight setback, enduring a depreciation of over 4% and trading at approximately $1,912.remained firmly within the $1,900 price range, positioned favorably to reclaim the coveted $2,000 zone. Furthermore, the recent surge in price propelled ETH slightly above the neutral line on the Relative Strength Index .

With its RSI line positioned in a manner suggestive of a modest bull trend, ETH continued to see a positive price move.Crypto Quant’s Exchange NetFlow data insights revealed a clear trend in the Ethereum ecosystem. On 5 May, the data highlighted a significant outflow ofThis trend persisted even as of the press time moment, with the dominant outflow exceeding 3,000 ETH.Specifically, on 5 May, the Exchange NetFlow data indicated an impressive volume of over 320,000 ETH exiting exchanges.

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