ETH Bulls Bet Big, Pull $780 Million Coins from Exchanges
Ethereum (ETH) bulls appear to be setting their sights on a fresh rally despite recent price drops, according to data obtained by BeInCrypto On-Chain. Today, ETH is trading at $3,130, down from its recent peak of $3,434 on November 12.
However, investors remain convinced that the cryptocurrency’s pullback is only temporary. Here’s a breakdown of what can happen during your current mood.
Ethereum investors decide not to sell
According to data from Glassnode, total inflows to Ethereum exchanges are 249,245 at the time of writing. Exchange inflow refers to the amount of tokens sent to an exchange within a given time frame. When this indicator increases, it means more holders are willing to sell, which can be detrimental to the cryptocurrency.
On the other hand, a decrease in exchange inflows indicates that investors are withdrawing funds from exchanges. For ETH, the current value is approximately $780 million, down from its value on Friday, November 15th.
So this shows Most ETH holders are avoiding from sales. If this continues, the cryptocurrency may not fall below $3,000 in the short term.
Data from IntoTheBlock shows ETH bulls are actively working to maintain prices. This is evident from the Long and Short indicator, which tracks whether addresses with at least 1% of the cryptocurrency’s trading volume are primarily buying or selling.
When indicators show more bullishness, it indicates that participants are Mainly buying. Conversely, an increase in the number of shorts indicates increased selling activity.
Ethereum bulls have outnumbered bears over the past 24 hours, suggesting that ETH price could break above $3,130 in the near term.
ETH Price Forecast: More support for upside potential
From an on-chain perspective, money in/out around price (IOMAP) supports this bias: The price of ETH may move higher. The IOMAP indicator helps traders identify key price levels where significant buying and selling activity may exist based on user positions and profitability.
It also highlights support and resistance areas based on volume within the price range. Generally, the higher the volume, the stronger the support or resistance.
In the picture below, there are approximately 3 million addresses Accumulate Ethereum At a price level of $3,075, a total of 3.56 million ETH is held. These addresses are “in-the-money addresses,” indicating that they are currently profitable based on prevailing market prices.
This cluster suggests strong support at $3,075, as holders of this level are likely to resist selling at almost all other levels between $3,251 and $3,591. With this in mind, the price of Ethereum could rise to $3,600.
However, if Selling pressure increasesthis may not happen. In this case, the value of ETH could fall below $3,000.
Disclaimer
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