Ethereum Balance on Exchanges is resisting at its Lowest in 3 Years
What about trading platforms?
Crypto light has compiled for you, what was published by “bitcoin news”, that Ethereum continues to leave the trading platforms at the lowest balance on exchanges for three years.
Ethereum, the second largest cryptocurrency after Bitcoin by market cap against the US dollar, is valued at more than 15% according to the latest statistics.
Over the past weeks, the number of Ethereum has plummeted on exchanges, and more than 29% of the cryptocurrency has left the central trading platform in less than two years.
Ethereum balance on exchanges in decline:
The current trading price of Ethereum (ETH) is $1,844, down more than 9% compared to an all-time high of $2,038.84 on February 20.
Bitcoin.com has reported how many (BTC) coins are on exchanges, and how the metric has fallen to its lowest point in just three years.
Interestingly, the same trend is happening with the number of Ethereum (ETH) stored on the exchange.
As of the time of writing, the amount of Ethereum stored on exchanges is 24.09 million Ethereum, valued at $71.3 billion.
This is the lowest amount since December 1, 2018, or just over three years.
If we go back to the first week of August 2020, we see more than 34.2 million ETH in exchanges, for $375 per token, which means that the exchanges had $12.8 billion worth of ETH.
Using today’s exchange rates, 34.2 million is equivalent to over $101 billion in Ethereum (ETH).
That is, since then and until today, 29.56% of 34.2 million have left.
Data collected by Chain.info indicates that as of March 19, 2022, Binance owns 3.59 million Ethereum (ETH) worth $10.5 billion.
While Huobi Global owns an estimated 2.13 million Ether, valued at $6.25 billion.
The current data showing Ethereum (ETH) exiting the exchange is a good sign for supporters as it indicates that users are benefiting from storage solutions.
As ETH declines in exchanges, selling pressure wanes, and makes liquidity shrink on exchanges as well.
The recent collapse of Ethereum exchange balances indicates that large amounts of Ether may be allocated to storage.
Ethereum and Bitcoin:
According to the weekly report of digital asset company CoinShares, which looks at the rise in the price of Bitcoin to 60 thousand, it may be offset by a rise in the sale of the digital currency, by some investors to achieve benefits.
So the data shows that nearly $39 million in funds flowed in the past week, but Ethereum has a different situation.
According to the money flow data chart, Ethereum is very popular among investors.
Almost half of the total fund inflow went to ether, and the total inflow in the past week was around $113.5 million.
Ethereum and downside resistance:
The same report added, that the available pricing data indicates the superiority of “passive management” compared to active investment, with an asset management measure of only $5.41 billion.
Ethereum has found a natural support level on the 20 daily exponential moving average (20-EMA).
Judging from the daily candlestick chart, ether is now in a bullish channel, all candles in recent days have closed above the 20 day moving average.
This is a good sign that the bulls are still defending the price at a higher level.
At the same time, the upward curved moving average distribution confirms this point as well.
From a technical perspective, the RSI stochastic is showing that the blue K line has turned up and overlapped with the yellow D line, which indicates an expected bullish crossover.
If the bulls, actively defending, near yesterday’s high so that the two lines can climb higher and approach the overbought 80 areas, the fresh momentum of ETH could push ETH, to the first resistance at $1,942.
If ETH/USD successfully breaks through this resistance, the bulls are retesting their all-time high at $2,038.84.
Any further increase is likely to make the ETH/USD pair a new round of rally.
If the bulls are not strong enough, repeated retests of the $1,757 20-EMA support level will weaken the support level.
If the bears cut the price by around $1,757, the ETH/USD pair could start declining gradually to $1,623.
If the bears cut the price by around $1,757, the ETH/USD pair could start declining gradually to $1,623.
