- OpenSea and NFT publishers have transferred 56,300 Ethereum to exchanges and loyalty in the last two weeks.
- The surge in Ethereum inflows to exchanges like Coinbase has increased sales pressure on altcoin.
- Experts believe that the rise in sales pressure from the OpenSea and NFT transactions has helped Ethereum’s prices fall.
- Analysts predict that Ethereum prices will continue to fall and could reach $ 2,275.
The recent decline in Ethereum prices was fueled by an increase in the influx of altcoin into cryptocurrency exchanges. Experts have blamed direct transfers from the NFT marketplace OpenSea for the fall in Ethereum prices.
Inflow of Ethereum to exchange spikes, increasing sales pressure
In the last two weeks Ethereum Leaving OpenSea, a peer-to-peer NFT marketplace, has consistently increased. 21,000 Ethereum Transferred directly from your OpenSea wallet to Coinbase.
As NFT sales increase, loyalty and direct transfers from OpenSea will increase. The sharp rise in the NFT market could increase the influx of Ethereum to exchanges such as Coinbase.
Additional 35,300 Ethereum It was distributed to NFT publishers as a usage fee from OpenSea. Colin Wu, a Chinese journalist and crypto proponent, believes that the surge in Ethereum inflows from OpenSea to Coinbase has helped boost sales pressure.
Historically, increased selling pressure has caused altcoin prices to fall.
OpenSea and NFT publishers can be one of the pressures that ETH crashes. Over the past two weeks, the amount of ETH transferred directly from OpenSea Wallet to Coinbase has reached 21,000 and the amount of ETH transferred to Loyalty Distributors has reached 35,300. source: @jx_block pic.twitter.com/WxuDwk3xic
— Wu Blockchain (@WuBlockchain) January 24, 2022
Analysts point out that the net outflow of Ethereum was relatively high in 2021. Over the past month, the net influx of Ethereum has skyrocketed.
Ethereum Net Position Change-All Exchanges
Pseudonym cryptocurrency analyst @IAmCryptoWolf evaluated Ethereum’s price movements and predicted that altcoin price bounces in the $ 2,300 area could act as a strong resistance.
$ ETH..
We are working on 78.6fib, 21EMA monthly, horizontal daily and weekly support 2.2-2.3k.
Bounces in this area act as a strong resistance due to the loss of 3k key support.DMA50 curves down daily with resistance of WMA50 and WEMA21 in the same area pic.twitter.com/ngR2YsCzqC— Wolf (@IamCryptoWolf) January 23, 2022
Analysts at FXStreet predict that Ethereum will sell well with a target price of $ 2,400.
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