- Ethereum balances on cryptocurrency exchanges hit a 2-year low of 12.447 million ETH
- Ethereum exits from crypto exchanges exceeded 1 million ETH in the last 30 days
- ETH exit from stock exchanges continues despite Ethereum price drop
- ETH is still trying to break the $ 2,800 resistance level
The number of Ethereum stored on centralized crypto exchanges has reached its lowest level in 2 years at 12,447,941 ETH. Differently analysis by the Glassnode team, who also presented the following diagram showing the ongoing decline of Ethereum on exchanges.
Over 1 Million Ethereum Stopped Trading Over The Past 30 Days
It can be seen from the above graph that Ethereum balances on cryptocurrency exchanges rose slightly in May before the trend reversed and ETH flow continued to move. The initial rally could be attributed to the liquidation of the crypto market last month, when Ethereum hit a new low of $ 1,728 on May 23. The sale stemmed from speculation that Tesla had sold its bitcoins, and China reaffirmed its ban on BTC and cryptocurrency mining in 2018.
According to Viewbase, the outflow from Ethereum has been 1,042,493 ETH over the past 30 days, as shown in the screenshot below. This, in turn, means that Ethereum investors have suppressed the urge to send their ETH to cryptocurrency exchanges for sale, as was the case with Bitcoin, as shown in the same screenshot.
Ethereum continues to fight the $ 2,800 resistance level
In terms of price action, Ethereum is trading in the $ 2,600 price zone after being rejected at the $ 2,800 resistance level today. This latest resistance also converges with the 50-day moving average (white), which has been a persistent barrier for Ethereum since mid-May, as shown in the chart below.
It can also be seen from the chart that Ethereum may be heading towards a test of the $ 2,000 lower levels this weekend, based on a decline in trading volume and MACD not showing enough strength to overtake the baseline.
Bitcoin continues to show market weakness
As with all altcoins like Ethereum, traders and investors are reminded that the fate of ETH in the cryptocurrency market is tied to bitcoin. Right now, BTC is struggling to reclaim its $ 36,000 support zone amid news about new repression in China social media accounts linked to bitcoin on Weibo.
As such, BTC could suffer further losses before the close of the week. Consequently, the entire cryptocurrency market, including Ethereum, will follow BTC if it starts to fall again.