Glassnode, which tracks activity on the Ethereum blockchain, shared some news in a tweet. They said that the amount of Ethereum (ETH) taken out from exchanges is at its lowest in a month.
In numbers, they mentioned that the average number of ETH taken out from exchanges over the past week is 3,109.756.
This recent low happened just a day after it reached a similar low. Glassnode alerts mentioned that the average number of ETH taken out from exchanges was 3,110.208 24 hours ago.
📉 #Ethereum $ETH Number of Exchange Withdrawals (7d MA) just reached a 1-month low of 3,109.756
Previous 1-month low of 3,110.208 was observed on 08 September 2023
View metric:https://t.co/hqrR4jylVe pic.twitter.com/cCRjB5PKbB
— glassnode alerts (@glassnodealerts) September 9, 2023
During the past day, the price of Ethereum went down by 0.74% according to CoinMarketCap. It was trading at $1,634.03 at the time of writing. Despite the daily drop, the cryptocurrency was still up by 0.17% for the week.
In addition to the price increase, the daily trading volume for ETH also went up by 13.20% during the previous day. So, the total trading volume was $4.956 billion.
Daily chart for ETH/USDT (Source: TradingView)
Right now, there’s a technical sign that suggests a bearish trend might start. It’s because the daily RSI line is close to crossing below the daily RSI SMA line. If this happens, it means that sellers are in control, and the price of ETH might go down in the next few days.
If this bearish sign turns out to be true, ETH’s price could test a support level at $1,580.96. But if the cryptocurrency manages to close a daily candle above the 9-day EMA line, which is around $1,642.12, then the bearish prediction might not happen.
If things go well for ETH, its price could go up and break above the 20-day EMA line. It might even turn the resistance level at $1,690 into support. If people keep buying ETH, it could challenge the next level at $1,775 in the coming week.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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