600K Ethereum Withdrawn From Exchanges in the Last 7 Days — How Will It Impact ETH?

• Ethereum is holding around the $2K level.
• ETH’s daily trading volume has jumped by over 120%.
• The market has witnessed over $108 million worth of Ethereum liquidations.

The crypto market has taken a hit, bleeding over the past few days and dragging the combined market cap down to $2.69 trillion. Leading cryptocurrencies are feeling the heat, with Ethereum’s weakness becoming more pronounced.

The largest altcoin Ethereum, despite multiple attempts remains under bear pressure, lagging to break above crucial resistances. ETH’s technical indicators confirm the persistent downtrend. 

Ethereum has tumbled by over 5.41%, raising concerns about further price volatility. In the early hours, the altcoin traded at the $2,194 mark. As the bears gained more control of ETH, they pulled back the price to the unforeseen $1,991 range.  

As of this writing, Ethereum traded at $2,066, with its daily trading volume reaching $21.56 billion. Notably, the market has observed a liquidation of $108.00 million worth of Ethereum during the interval. 

Furthermore, the Ali chart reports that over 600,000 ETH have been withdrawn from crypto exchanges in the last week. The exchange reserves dropped from 19.2 million to 18.6 million. This decline points out reduced selling pressure, which can be a bullish signal if demand holds up. 

Could Ethereum Slide Further?

The emerged death cross of Ethereum could find the crucial support at $1,963. ETH will remain at risk of a prolonged downside if the bearish momentum sustains. The altcoin might plummet toward $1.7K, delaying the recovery and signalling a phase of consolidation. 

However, assuming Ethereum reverses its in-progress trend, it could likely challenge the resistance at $2,138.  A strong upside correction might propel the asset above $2.2K with the possibility of ETH reaching the $2.5K mark as long as the bulls stay in control. 

The ETH/USDT trading pair’s Moving Average Convergence Divergence (MACD) line and signal line have been stationed below the zero line. This crossover indicates strong bearish momentum with the dominance of selling pressure. 

ETH’s Chaikin Money Flow (CMF) indicator resting at -0.04, infers that money flows out of the asset, and sellers have more control of the market. Meanwhile, Ethereum’s daily trading volume has increased by over 120%. 

Moreover, the altcoin’s Bull Bear Power (BBP) value of -94.14 suggests a substantial bearish tone. Besides, the daily relative strength index (RSI), at 39.36, signals that the asset is in bearish territory with weaker momentum.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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