ETH Sent To Exchanges Climbs Above 500,000, Is Ethereum At $2,000 Still Possible?
04 November 2023 - 12:00AM
NEWSBTC
A massive amount of ETH has made its way to centralized exchanges,
increasing the Ethereum balances of these exchanges. Given the
implications of exchange inflows, it could be a barrier to the
cryptocurrency when it comes to claiming the $2,000 resistance.
Investors Send 13,000 ETH To Exchanges Data from IntoTheBlock shows
a massive amount of ETH headed toward exchanges as the price rose.
The total inflow volume as of October 31 when the price first
cleared the $1,800 resistance was at 480,570. However, by the start
of November, this number had blown up massively. Related Reading:
Bitcoin Ends October On A High Note, What To Expect For BTC Price
In November November 1 saw the total ETH flowing into exchanges
reaching 774,890, and by this time, the bulls had established their
dominance above the $1,800 level. With outflows coming out at just
around 630,000 ETH, the netflows come out to approximately 130,000
ETH flowing into exchanges on November 1. This showed a willingness
among investors to start taking profit from their holdings. Source:
IntoTheBlock As the data tracker shows, the majority of Ethereum
investors had moved back into profit after crossing $1,800. Even
following the retracement, the total percentage of ETH investors in
profit is sitting at 55.40% and it is no surprise that some of
these investors would want to secure profit. By November 2, though,
there has been a relaxation from investors when it comes to
inflows. Data shows that on Thursday, the ETH inflow figures fell
to 637,070, although this is still much higher than the previous
week’s figures. The exchange net flow is now down to 31,040 ETH as
of Thursday. ETH price recovers above $1,800 | Source: ETHUSD on
Tradingview.com Ethereum Large Holders Swing Into Action Ethereum
has also seen a spike in the number of large transactions being
carried out on the network as well as the transaction volume of
these large holders. The total number of large transactions sat at
1,900 on October 29. But by November 2, the figure ballooned to
4,320, an over 100% increase in just four days. Related Reading:
Cardano Bearish Signal: Dormant ADA Whales Are On The Move The
transaction volumes of these whales also saw a rise in an almost
similar manner compared to the number of large transactions. Large
transaction volumes were at 741,440 ETH on October 29. But on
November 2, the volume reached 2.21 million ETH. In dollar figures,
large transaction volumes went from $1.33 billion to $4.04 billion.
Looking at the bullish and bearish transactions (i.e those who are
buying versus those who are selling), there isn’t a large
difference bulls still continue to lead in the asset. The 7-day
total for bulls came out to a total of 98 bulls compared to 87
bears. But the gap is closing further on a daily basis where
IntoTheBlock shows 14 bulls and 12 bears. Follow Best Owie on X
(formerly Twitter) for market insights, updates, and the occasional
funny tweet… Featured image from Binance, chart from
TradingView.com
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