Crypto News – According to an X post published earlier today by the market intelligence platform Santiment, some 110,000 Ethereum (ETH) tokens, worth $181 million, were taken out of cryptocurrency exchanges yesterday. Since August 21 of this year, this has represented the largest daily withdrawal of ETH from exchanges.
ETH Daily Exchange Outflow: The Highest Level Since August, What Impact Will This Have on Ethereum Price Predictions?
The quantity of ETH maintained in wallets not linked to exchange systems has reached an all-time high (ATH) of 115.88 million, according to Santiment. Additionally, the amount of ETH that is now being offered on exchanges is at its lowest point in more than 5.5 years.
The slight increase in the price of ETH over the preceding 24 hours of trading of 0.37% may have been affected by this news. CoinMarketCap reports that, as a result, ETH was trading at $1,648.55 at the time of writing. However, the altcoin’s trading volume has dropped during the past day, falling to $4,749,666,119, a decline of more than 4.01%.
Ethereum Price Prediction
Technically, the $1,690 price level over the previous few days rejected ETH’s price. The altcoin was thus in danger of testing the subsequent support level at $1,580 again. ETH might then be forced below this crucial level, possibly falling as low as $1,480 over the course of the following week, due to persistent sell pressure.
However, the bearish thesis may be disproved if ETH is able to close a daily candle over $1,690 in the ensuing 48 hours. The $1,790 ceiling might be reached by ETH’s price in this scenario.
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