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Ethereum stocks on exchanges drop to 3-year low




Ethereum has shown impressive strength since the “London” hard fork. At the same time, the ETH stocks on the stock exchanges have reached a new low. The market update for Ethereum.

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Ethereum bulls trample

Ethereum has been on an upward trend since the “London” hard fork: the price has risen continuously since then, and interest in the Ethereum network is growing ever greater – both among private and institutional investors.

Ethereum’s 7-day chart. Source: Coinmarketcap.com

After months, ETH was even able to crack the $ 3,000 mark and even defend itself against short-term declines below it. Above all, this indicates one thing: That the cops have the ETH price pretty much under control.

Ethereum is currently trading at $ 3,140, ​​almost 7% above yesterday’s price. Based on the week, Ethereum was even able to gain 26%. What’s next for cryptocurrency number 2 in terms of market capitalization from here?

The pseudonymous trader @CryptoTony_ expects a “healthy retreat” for Ethereum after the sharp rise. However, this could only be for a short time – and in the event of a subsequent upturn, according to the industry observer, only “the sky is the limit”. What is meant is possibly: If Ethereum recovers after the announced correction, an upswing to the old all-time high could be imminent. That’s $ 4,362 and was hit on May 12th. CryptoTony_:

“I think we will see some pullbacks in Ethereum and Altcoins soon, given the supply zone we are about to reach.

If we manage to overcome them … then the sky is the limit “

ETH stocks on stock exchanges fall to a three-year low

The Chinese crypto journalist Wu Blockchain cites a bullish Ethereum factor with reference to oklink. As the analyst explains in a recent tweet, the ETH inventory of centralized exchanges is currently around 11.197 million ETH. This corresponds to almost 10% (9.56%) of the entire ETH offering.

This is a good signal for Ethereum, because it shows: There is as little Ethereum on the centralized exchanges as there was almost three years ago. If investors withdraw their coins from the exchanges, this is generally considered a positive sign, as it reduces the risk of a sell-off. Wu Blockchain:

“According to oklink, the ETH portfolio on the central exchange is around 11.197 million ETH, which corresponds to 9.56% of the ETH supply. The ETH portfolio on the central stock exchange fell to its lowest level in almost three years. “

But what happens to the price when less and less Ethereum is issued and stocks on the exchanges decline? Top trader RookieXBT dedicates address this question in a new tweet for the short time frame.

He Splits a chart for his more than 283,000 Twitter followers that shows Ethereum’s price development for the next few days. Accordingly, Ethereum remains above the support at $ 3,050 – and soon rises to $ 3,350. The exciting question: Given the euphoric market sentiment, how long will it take for Ethereum to hit the all-time high of $ 4,362?

Source: @ RookieXBT / Twitter.com

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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