Ethereum
Why Ethereum is up 1.0% in the last hour
Analysis
Ethereum (ETH) edged up ~1.0% over the past hour as market attention stayed on Ethereum’s scaling ecosystem following Espresso Network’s launch of the ESP token and a 10% airdrop, which reinforced ongoing layer-2 activity and narrative interest. ETH also drew support from signs of tightening liquid supply after reports that roughly $660 million worth of Ethereum was withdrawn from exchanges over the past week, a pattern often associated with reduced near-term sell pressure.
Contributing Factors (2)
Espresso network launches ESP token with 10% airdrop amid Ethereum layer-2 debate
The network transitioned to proof-of-stake and coincides with the rollout of the ESP token, which is used for staking, securing the network and protocol participation.
Ethereum Worth $660 Million Pulled From Exchanges in One Week
Ethereum sees selling pressure subside as accumulation grows with 330,000 ETH tokens withdrawn from exchanges in the past week.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.