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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bearish Signal: Ethereum Exchange Balances Touch 3-Month High

Best Owie
Best Owie
1 year ago
2 mins read
Ethereum

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Ethereum had seen its balances on exchanges decline through 2021. This happened despite continuous market rallies that sent the digital asset towards all-time highs. Investors had accumulated all through bull rallies instead of trying to dump their coins, leading to reduced supply on centralized exchanges. This was also propelled forward by the growing popularity of DeFi. However, this trend is starting to reverse as exchange balances are now on the rise.

Ethereum Exchange Balances Touch 3-Month High

New on-chain reports have shown that Ethereum exchange balances are on the rise once more. After reaching one-year lows in 2021, exchange inflows have begun to pick up, seeing balances rise to three-month highs.

Related Reading | Ruby on Rails Creator Backtracks As He Expresses Support For Crypto

Data from Glassnode shows that this number is down by more than 700,000 ETH from its December lows. This metric which has been inversely correlated with the price of the digital asset has continued into the new year. Whereas exchange balances had plummeted as the cryptocurrency had seen its price surge, the same balances are growing with the current downtrend.

📈 #Ethereum $ETH Balance on Exchanges just reached a 3-month high of 14,715,388.749 ETH

Previous 3-month high of 14,714,748.847 ETH was observed on 21 February 2022

View metric:https://t.co/1dCpD2ey8E pic.twitter.com/TQHqaM3OOi

— glassnode alerts (@glassnodealerts) February 22, 2022

With the continuous decline of Ethereum, investors are starting to sell off their holdings to avoid losses. This has resulted in large inflows in exchanges. On February 21st, the number of ETH left on exchanges hit 14,714,748.847. If the trend continues, then more ETH may end up on centralized exchanges, which are more likely to be sold off by investors after a long stretch of accumulation.

How ETH Has Reacted

Ethereum has reacted as expected to this new metric. In cases where centralized exchange balances are declining, it signals that investors are not ready to sell, hence the value is on the rise. However, once investors start moving their holdings to exchanges, it shows they are willing to sell, and large sell-offs will negatively affect the price of the digital asset.

Ethereum price chart from TradingView.com

ETH trading above $2,600 | Source: ETHUSD on TradingView.com

With the recent decline, Ethereum has slipped below its 100-day simple moving average to be trading at six-month lows. This means investors are less willing to purchase the digital asset at prices they have for the last couple of months.

Related Reading | Crypto Winter or Not, Here’s Why Index Trading Can Help Spread the Risk

Sentiment has also skewed greatly towards sell with a 72% majority. The cryptocurrency also shows strong sell sentiments across short, medium, and long-term indicators, meaning sell-offs are likely to continue.

The next resistance point for the digital asset lists at $2,748 but with the current trajectory, it is more likely that ETH will touch its 1st support level of $2,496 before reversing to test this resistance point. However, crypto is always unpredictable and ETH could very well start another recovery trend before touching below $2,500.

Featured image from News18, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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