Ethereum Bullish Signal: 1.2 Million ETH Exited Exchanges Recently
01 Abril 2022 - 1:00PM
NEWSBTC
Ethereum on-chain data shows more than 1.2 million ETH has exited
exchanges over the past two weeks, a sign that could be bullish for
the price of the crypto. Ethereum Exchange Reserve Has Observed
Significant Decline In The Last Couple Of Weeks As pointed out by
an analyst in a CryptoQuant post, the ETH exchange reserve has lost
over 5% in value in just the last fourteen days. The “all exchanges
reserve” is an indicator that measures the total amount of Ethereum
present in wallets of all centralized exchanges. When the value of
this metric goes down, it means investors are withdrawing a net
amount of coins right now. Such a trend can be bullish for the
price of ETH as holders usually take their crypto off exchanges for
accumulating them. On the other hand, an increase in the reserve
implies investors are depositing Ethereum at the moment. Since
holders usually transfer their coins to exchanges for selling
purposes, this kind of trend may prove to be bearish for the
crypto’s price. Related Reading | Bitkeep Becomes The Sponsor
of Bitcoin 2022, Bringing A Smooth Cross-Chain Swap Experience to
Bitcoin Holders Now, here is a chart that shows the trend in the
Ethereum exchange reserve over the past few weeks: Looks like the
value of the indicator has sharply dropped off recently | Source:
CryptoQuant As you can see in the above graph, the Ethereum
exchange reserve has observed significant decline during the
period. In just over the last couple of weeks, the metric’s value
has gone from about 24.7 million ETH to around 23.5 million ETH.
Related Reading | TA: Ethereum Could See “Liftoff” if It’s
Able to Hold One Crucial Level This is a drop of around 5% in only
14 days, amounting to about 1.2 million ETH, or almost 4 billion in
USD at the current exchange rate. This large drop in the reserve
within such a short timespan suggests accumulation may be going on
in the market right now. Exchanges have traditionally been
considered the “selling supply” of Ethereum. So, due to
demand-supply dynamics, its decline can be quite bullish for the
price in the long term. ETH Price At the time of writing,
Ethereum’s price floats around $3.3k, up 4% in the last seven days.
Over the past month, the crypto has gained 12% in value. The below
chart shows the trend in the price of the coin over the last five
days. The price of ETH seems to have plunged down over the past day
| Source: ETHUSD on TradingView A few days back, Ethereum surged up
in value, breaking above the $3.4k level. However, in the last
twenty-four hours, the price of the crypto looks to have once again
come back down. Featured image from Unsplash.com, charts from
TradingView.com, CryptoQuant.com
Quant (COIN:QNTUSD)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Quant (COIN:QNTUSD)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024