Ethereum

Token

Million

when

The Ethereum price was on the 5th day of the bullish spell from July 8th onwards, showing almost 10% gains on the daily chart. After a long deterioration, it displayed a bullish presence from the critical support at the $2850 level.&nbsp; 
Moreover, after breaching the 200-day EMA this week, the sentiment turned bearish, but buyers freaked out and started buying to push back above the 200-day EMA. This phenomenon was evident on the daily chart, and indicators depicted the same in their vicinity. 
Looking at the number 2 market-dominant player globally by market cap, the supply totally rotated among the users’ hands. ETH’s market cap has surged to $378.637 Billion, with a massive inflow in volume of $11.152 Billion.&nbsp; 
Despite the large numbers, the liquidity appeared weak at press time. The 24-hour volume-to-market cap ratio was 2.93%. 
<h2 class="wp-block-heading" id="h-what-does-the-onchain-data-of-ethereum-eth-present">What does the ONchain Data of Ethereum (ETH) Present?</h2> 
<a href="https://www.thecoinrepublic.com/2024/07/09/ethereum-price-stagnates-at-3100-as-spot-etf-gets-postponed/">Ethereum </a>has a price correlation of 0.95 with the market leader, Bitcoin (BTC), and has behaved according to BTC’s price activity. The accumulation of the assets into their wallets by investors in the past 7 days has witnessed a surge.&nbsp; 
The total exchange outflows stood at $8.21 billion at press time. Meanwhile, the total exchanges’ inflows have declined in the past 7 days and stood at $8.06 Billion. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdqO-Gr5AqpHn8QlKhXcD7wpAwQp5YIy0t-faNbYSqNkZ3vYxuz0Rti6QTs17e5uKiZ3-ImxVD4zFP9Bsye940FbJpk58Xp4nmUTzlHAnHUurKoQyZMsdtd465z151r4czbIasjuJS9X0kF-nhAga5XTKHb?key=YKXbRQ7VTrAIpH7l2_l8nA" alt="ETH">
 <figcaption class="wp-element-caption">
 Token Summary | Source: Intotheblock
 </figcaption>
</figure> 
Moreover, the holders’ interest in the crypto asset was high. About 73% of addresses have held ETH for more than 1 year (nearly 2.3 years), per the Holders’ composition by time held. Large holders’ concentration was 51% when writing; the whales owned more than 1% of the circulating supply. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXelS1O93Ei6kuyec3gAkNVxWbLKR2N-v80akgkDYrO1J9ThDrGeovDd78prO7tDOiadUXumPRFv7qhnqESqndEyj7YRtZEtjLV2WG2SjCgJSK0JuegQZQjgVSsjSuW-8jG7EUNGKWcC9PLcAo8qNgjEm2Y?key=YKXbRQ7VTrAIpH7l2_l8nA" alt="ETH">
 <figcaption class="wp-element-caption">
 Number of Transactions | Source: IXFI
 </figcaption>
</figure> 
As per the on-chain network data, the total addresses with a balance of ETH have jumped to 116.07 Million. The number of transactions this week surged from 1.01 Million transactions to 1.16 Million transactions. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcfzGtnM5ktNJlWynQg9OZ_hsr2C3qYs0jO4zsIdescyhPLgJFKfuG2JiLUpaSO1nAUP3ZRvpvQtt6OikQ33dwlWTiVesg-WJGIzWijTJSt4UKwjXs3K9nhzqPePLqXymps8EjFdH_z5X4cIj_hgw1peec?key=YKXbRQ7VTrAIpH7l2_l8nA" alt="ETH">
 <figcaption class="wp-element-caption">
 Financial Data | Source: IXFI
 </figcaption>
</figure> 
The profitable addresses, which were sitting in the money from their average buying price, were 89.57 Million (75.12%). While the out of the money addresses bearing losses were 24.47 Million (20.52%).&nbsp; 
The addresses at breakeven (neither loss nor profit) were 5.2 Million (4.36%) at the time of writing. 
<h2 class="wp-block-heading" id="h-decoding-the-ethereum-eth-price-analysis">Decoding the Ethereum (ETH) Price Analysis!</h2> 
From the last quarter of 2023, the price surged 165%, reaching $4075 by the end of the first quarter of 2024. The price at $4075 displayed deterioration after mid-March 2024 in a falling wedge.&nbsp; 
It formed support at $2870 by mid-May 2024, and thereon, a breakout propelled tearing the upper boundary of the wedge by May end of 2024. 
After the failure of sustenance near $3961.3, the price fell back to $2870 by July 5th. It has displayed a bullish presence from the support. The MACD formed a bullish cross, and the RSI flashed at 43.72, which crossed 14-SMA from below.  
<a href="https://in.tradingview.com/chart/ETHUSD/fKEoE9Ln-Decoding-The-Ethereum-ETH-Price-Analysis/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Therefore, at press time, the ETH price traded at $3159. If it keeps rising, the resistances could be at $3250 and $3500, respectively. However, if it fails to bounce past $3250, it could land back to $2850, and breaching this would start a bearish trend for lower depths. 
<h3 class="wp-block-heading" id="h-summary">Summary</h3> 
The Ethereum price has been on a 5-day rally at press time. It gained 10% after finding support at $2850.&nbsp; 
Investors are accumulating ETH, with exchange outflows exceeding inflows. Technical indicators were bullish and suggested a potential rise to $3250 or even $3500. However, failing to surpass $3250 could lead to a drop back to $2850 or lower. 
The post <a href="https://www.thecoinrepublic.com/2024/07/13/eth-exchange-outflows-spike-ethereum-heading-for-3500/">ETH Exchange Outflows Spike: Ethereum Heading For $3500?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

ETH Exchange Outflows Spike: Ethereum Heading For $3500?

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