Ethereum Market Analysis: Traders Stock Up Despite Crash
Ethereum (ETH) and the rest of the cryptocurrency market remain in a downward spiral several days after Elon Musk announced that Tesla would stop accepting Bitcoin payments. This bearish momentum has only worsened following a cryptocurrency ban announcement by China today.
At press time, the second-largest cryptocurrency trades around the $2,850 level, while Bitcoin trades at a multi-month-low of $38,500.
Despite having plunged by more than 34% over the past seven days, investors continue to acquire ETH significantly.
Recent on-chain data shows that a total of 657,770 ETH worth over $1.9 billion flowed out of exchanges last week. This data suggests that investors and traders are significantly optimistic about the prospects of Ethereum, as it readies to transition to a...
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