Outflows Remain The Order Of The Day As Ethereum Crosses $3,300
March 28 2022 - 06:00PM
NEWSBTC
Ethereum has now cemented its position above the hard-won $3,000
level. This signals another bull rally for the digital asset given
how the market has responded to its recent surge. More money is
coming into the digital asset daily as investors clamor to take
part in the gains. This is evidenced by the exchange inflows and
outflows, which show a clear buy and accumulate trend on the part
of these investors. Ethereum Outflows Grow For the past week,
Ethereum, like its counterpart Bitcoin, has been on an outflow
trend. This trend saw more of the digital asset leaving exchanges
than have been coming in. Glassnode Alerts makes daily reports of
exchange inflows and outflows, showing that Ethereum investors are
choosing to remove their coins off exchanges, presumably to safer,
personal wallets. Related Reading | Malice Or Ignorance? The
New York Times Keeps Printing Lies About Bitcoin Mining In the
one-week time frame, daily exchange outflows had consistently been
above that of inflows. In total, there was a total of $5 billion
worth of Ethereum that were moved into exchanges in one week.
Compared to this is outflows, which came out at $6 billion in total
leaving exchanges. This translates to 20% more ETH leaving
exchanges than those being moved in to be too sold. 🚨 Weekly
On-Chain Exchange Flow 🚨#Bitcoin $BTC➡️ $7.3B in⬅️ $7.7B out📉 Net
flow: -$474.3M#Ethereum $ETH➡️ $5.0B in⬅️ $6.0B out📉 Net flow:
-$1.1B#Tether (ERC20) $USDT➡️ $5.6B in⬅️ $4.9B out📈 Net flow:
+$722.7Mhttps://t.co/dk2HbGwhVw — glassnode alerts
(@glassnodealerts) March 28, 2022 It shows that investors have been
accumulating their tokens over the past week. However, there has
been a break in this streak recently. As markets open on Monday,
ETH has seen this accumulation trend turn. Glassnode Alerts
reported in the early hours of Monday that exchange inflows had
topped that out of outflows. On the daily chart, exchanges saw $441
million worth of ETH flow in, while only $418 million of ETH flowed
out, recording a net flow of +$22.8 million. There is no telling if
this is the new trend as it is too early to tell. However, this
makes sense given that investors who have been holding through the
period of consolidation would want to realize some profits given
that the price is up significantly. ETH On The Charts As expected,
Ethereum has had one of the best runs out the weekend rally. The
digital asset which had been struggling to hold above $3,000
finally got the boost it needs to shed the impacts of the bears.
This pushed it high with a soft landing above $3,300. ETH breaks
above $3,300 | Source: ETHUSD on TradingView.com With this recent
move, trends for the digital asset in the short term have all
turned bullish. Buy pressure has cranked up to 92% on investors as
the cryptocurrency prepares to test the next significant resistance
which lies above $3,500. Related Reading | TA: Ethereum Gains
Traction, A Strengthening Case For More Gains At the time of this
writing, Ethereum is trading $3,324 with a market cap of almost
$400 billion. Featured image from Admiral Markets, chart from
TradingView.com
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