10% drop in one day, Ethereum Exchange entries rising

Ethereum followed Bitcoin's trajectory, recording a new 10% correction on the daily chart. The best cryptocurrencies have experienced last week. Fear and uncertainty seem to be driving market participants. At the time of writing, ETH is trading at $ 2,270 in red on all charts. The cryptocurrency was rejected after shortly entering the USD 2,800 area. During yesterday's trading session, the rejection was followed by a drop in Bitcoin and soon afterwards in ETH. ETH in downtrend on the daily chart. Source: ETHUSD Tradingview Cryptocurrency has critical support, with the potential for more downsides if the bulls cannot keep the bears at their current price levels. Selling pressure is high. Data provided by analytics firm Jarvis Labs shows that around 18:00 UTC, more than 177,900 ETH entered the Binance exchange. Numerous Bitcoin entries have also been recorded. About 4,500 BTC entered Binance around 10:00 UTC. Since then, there has been a smaller entry for both cryptocurrencies. Ethereum entries occurred between midnight and 19:00 UTC around 10,900 and 13,500. Source: Jarvis Labs ETH's flow to exchange platforms reached annual highs in May. Additional data provided for CryptoQuant shows that Ethereum fell from its all-time high on May 19-23 following a strong influx. As the chart below shows, the price of ETH tried to recover, but the selling pressure was brutal. Source: CryptoQuant Why Ethereum Still Has Upside Potential In 2021 While bears may prevail in the short term, ETH has a lot of potential with the Hard Fork "London" and EIP-1599, Ethereum 2.0 and future updates. This platform is also home to three of the most successful stories and industries of recent years: Fungible Tokens (NFTs), DeFi, and the store of value against inflation. EIP-1599 will turn ETH into a deflationary asset. Therefore, many believe this would be a better protection against inflation.

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