The number of ethereum (ETH) withdrawals from exchanges has risen steadily over the past week as the asset’s price falls from local highs.
According to data provided by crypto.news, the ETH price fell by 3% in the last 24 hours. Ethereum is trading at $1,850 at the time of writing. The second largest cryptocurrency is also down more than 8% from its local high of $2,008 on May 6.
Additionally, the number of ethereum withdrawals from exchanges reached approximately 4,405, marking a 14-month high last seen in March 2022, according to data provided by Glassnode.
According to the tweet, the same behavior was seen in December of last year, when ETH was trading at around $1,250.
On the other hand, Glassnode data also shows that the amount of active ETH supply between one and two years on a one-day average has reached over 41,090,025 coins, marking a new all-time high (ATH).
According to a crypto.news report on May 7, the amount of ETH deposits on centralized exchanges (CEXs) experienced a surge, causing short-selling pressure on the platforms.
Furthermore, despite the asset’s falling price, fees on the Ethereum blockchain increased to a one-year high of around 260 gwei on May 5. According to data provided For ultrasonic money, fees on the Ethereum network have dropped by 63% from the local high and stand at 95 gwei at the time of writing.
