Crypto research company Glassnode reported a huge increase in ETH currency deposits in the past twenty-four hours. Meanwhile, the famous analyst “Crypto Michael” expects the price of the second largest cryptocurrency to rise above the $ 500 level in the near term.
ETH Reaches New ATHs in Crypto Money Balances
According to data shared by Glassnode, the number of ETH deposits to crypto exchanges has increased more than thirty percent in the past twenty-four hours.
Along with the spread of DeFi and the amount of ETH locked in their apps, with the expected big Ethereum 2.0 upgrade, many hope that Ethereum’s price will increase significantly soon.
Another new ATH on which ETH is based on ETH balances today is the amount of wallets that are more than 0.01 ETH. There seems to be an increase of more than 1000 in the number of ETH addresses.
ETH Ready to Rise to $ 500 “
Cryptocurrency analyst Michael van de Poppe (Crypto Michael) thinks that the price of Ethereum has gained enough momentum to go beyond the $ 500 level in the “upcoming period”.
“ETH is ready to rise to $ 500 in the coming period.”
Meanwhile, the leading developer of Ethereum, Peter Szilagyi, recently wrote on the Twitter page that ETH’s total trade volume has reached a staggering $ 6.5 billion in just one month.