Ethereum Outflow Increases as Market Turns Bearish: What Does This Mean for ETH Price?

by time news

2024-04-26 01:10:28

  • The supply of Ethereum on exchanges has increased over the past few days.
  • ETH was down more than 2% and the indicators looked bearish.

Ethereum [ETH] it has seen quite a few outflows from the exchanges over the past week. This happened with the bullish price action.

However, the market turned bearish in the last 24 hours. Has this had a negative impact on ETH outflow?

Ethereum outflow increased!

The price of Ethereum remained comfortably above the $3,000 mark as its price rose more than 6% in the past seven days.

While that was happening, investors amassed reserves of ETH, indicating that they expected the price of the token to rise even more in the coming days.

Titan of Crypto, a popular crypto analyst, recently published a fog emphasizing this fact.

According to the tweet, crypto exchanges saw an outflow of over 260,000 ETH, equivalent to over $781 million, in the past seven days.

In addition, Justin Sun also accumulated ETH. According to recently fog Lookonchain, a wallet possibly with the Sun, withdrew 15,389 ETH from Binance, worth $49.78 million.

Previously, the wallet had purchased 147,442 ETH, worth $469.9 million at $3,179 as of April 8.

However, in the last 24 hours the market sentiment changed as the prices of most cryptocurrencies fell. According to CoinMarketCapETH is down more than 2%.

At press time, the king of altcoins was trading at $3,165.53 with a market cap of over $386 billion.

Is the ETH price drop affecting buying pressure?

Since the price of the token dropped, AMBCrypto checked its metrics to see if this had any impact on the buying pressure.

Our analysis of CryptoQuant details indicated that the net deposit of ETH on exchanges was high compared to the average for the past seven days. This indicated that investors have started selling ETH.

The currency outflow of the token has decreased in the last few days. Additionally, investors were shown to be selling Ethereum in its bid-on-exchange chart as it rose.

In particular, the fall in prices did not affect the accumulation of whales. This seemed to be the case as the supply of ETH at major addresses continued to rise last week.

Going forward

AMBCrypto then analyzed ETH derivative metrics and technical indicators to see if the increased selling pressure could further impact their price. The token funding rate increased.

File Ethereum [ETH] Price forecast 2024-25

In general, prices tend to move in opposite direction to the funding rate. This move suggested a continued decline in the price of ETH.

Technical indicators also appear bearish. For example, ETH’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) started to decline, indicating a continued price decline in the coming days.

This is an automatic translation of our English version.

Next: “Bitcoin volatility will peak soon”: Should you believe this leading indicator?


#Ethereum #781M #Outflow #Days #Means #ETH #Prices

You may also like

Leave a Comment