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Ethereum’s Supply on Exchanges increased in the last few days.
ETH was down by over 2%, and indicators looked bearish.
As a researcher with extensive experience in the crypto market, I’ve closely monitored Ethereum’s [ETH] recent price action and exchange flows. Over the last week, we observed a significant Ethereum outflow from exchanges as investors stockpiled the token amidst bullish price action. This trend was further supported by notable figures in the industry like Titan of Crypto and Justin Sun accumulating large amounts of ETH.
Over the past week, there’s been a significant decrease in the amount of Ethereum [ETH] held on cryptocurrency exchanges. Surprisingly, this reduction occurred during a period when Ethereum’s market price was on an upward trend.
In the past 24 hours, the market took a turn for the worse. Could this bearish trend have led to an increase in ETH outflows?
Ethereum’s outflow surged!
In the past week, Ethereum’s price experienced a significant surge, rising over 6% and remaining steadily above the $3,000 threshold.
As I observed, investors began amassing Ethereum tokens during that period, implying their belief that the token’s value would continue to climb in the near future.
Titan of Crypto, a popular crypto analyst, recently posted a tweet highlighting this fact.
According to the tweet, approximately 260,000 Ethereum tokens, valued at around $781 million, were withdrawn from crypto exchanges in the last week.
Justin Sun has been acquiring Ethereum as well. According to a recent tweet from Lookonchain, a wallet believed to be owned by Sun withdrew 15,389 ETH, equivalent to around $49.78 million, from Binance once more.
The wallet earlier had bought 147,442 ETH, worth $469.9 million at $3,179 since the 8th of April.
As a researcher studying the crypto market, I’ve observed a shift in investor sentiment within the past day, resulting in a significant drop in prices for most cryptocurrencies. Specifically, Ethereum (ETH) saw a decline of more than 2% based on data from CoinMarketCap.
As I observe at this moment, the monarch of alternative coins is priced at $3,165.53 in the market, while its total value hovers above an impressive $386 billion.
Is ETH’s price drop affecting buying pressure?
After the token’s price decreased, AMBCrypto examined its key performance indicators to determine if this shift influenced purchasing interest.
Based on our examination of CryptoQuant’s data, we discovered that the amount of Ethereum being transferred into exchanges recently was significantly greater than the typical volume over the past week. Such a finding suggests that Ethereum holders may be offloading their assets.
In simpler terms, the amount of Ethereum tokens leaving exchanges has decreased recently. Furthermore, the surge in the supply of Ethereum held on exchanges indicates that investors have been offloading their Ethereum holdings.
As an analyst, I observed an intriguing trend last week: despite the price decrease of Ethereum (ETH), the accumulation of ETH by large investors, referred to as “whales,” remained unaffected. This was evident from the upward trend in Ethereum’s supply held by top addresses.
Going forward
An in-depth examination of Ethereum’s derivatives data and technical signs was conducted by AMBCrypto, aiming to determine if intensified selling pressure would cause additional price fluctuations for the token. Notably, Ethereum’s Funding Rate experienced an uptick.
Read Ethereum’s [ETH] Price Prediction 2024-25
Normally, the pricing trend goes in opposite directions compared to the Funding Rate. The current Funding Rate indicates a potential downturn for Ethereum’s price.
In simpler terms, the technical indicators pointed towards a bearish trend for Ethereum. Specifically, its Chaikin Money Flow (CMF) and Money Flow Index (MFI) both began to decrease, suggesting that the price would continue falling in the near future.
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2024-04-26 04:07