Ethereum (ETH) Disappears From Exchanges – ETH 2.0 Deposits Are Racing | CryptoGazette

Ethereum is looking great in the crypto market, and at the moment of writing this article, ETH is trading in the green. The coin is priced at $3,125.

ETH 2.0 deposits accelerate

An important crypto analytics firm says that Ethereum (ETH) has been moving off exchanges since late February.

In a new blog post, Santiment highlighted that the exchange outflow should help reduce sell-pressure for ETH, which just cracked above $3,000 this week.

“ETH saw an acceleration in Supply on Exchange in early Feb 2022, which quite evidently reflected its sell pressure through February. However, since late Feb, we are starting to see a continued outflow and it’s still ongoing for now, which should help alleviate sell pressure.”

Santiment also notes that the amount of ETH staked in the ETH 2.0 contract has accelerated recently as time ticks down to the Ethereum merge. This is anticipated to happen in the second quarter of this year.

Just to refresh your memory, ETH 2.0 aims to solve the network’s scalability issues, and it will do this by shifting over from a PoW to PoS consensus mechanism.

Check out the complete report of Santiment. 

As the online publication the Daily Hodl notes, the smart contract platform should eventually be capable of facilitating 100,000 transactions per second via second-layer solutions, according to Ethereum co-founder Vitalik Buterin.

Ethereum bullish prediciton hits the market

Not too long ago, we revealed that there are all kinds of bullish ETH predictions. According to the latest reports, there is a popular crypto trader who says he sees sustained rallies for Bitcoin (BTC), Ethereum (ETH), and Cosmos (ATOM).

Inmortal is also keeping a close watch on Ethereum in its Bitcoin pair (ETH/BTC). He recently explained that ETH/BTC has managed to break its bearish market structure and is now poised to form its first higher high in over three months.

“First signs of reversal on ETH vs. BTC after 100 days downtrend. Higher highs + higher lows = 0.074 BTC [$3,047].”