- Santiment reported a single-day withdrawal of 110,000 Ethereum tokens from exchanges.
- The quantity of ETH in non-exchange wallets hit a record 115.88 million.
- The daily MACD line nearing the signal line indicates a bearish trend.
Market intelligence platform Santiment reported earlier today that around 110,000 Ethereum
Santiment has disclosed that the quantity of ETH stored in wallets not associated with exchange platforms has hit a record peak of 115.88 million ETH. Furthermore, the current supply of ETH on exchanges has dwindled to its lowest level in roughly 5.5 years.
The recent news contributed to the slight 0.20% rise in the price of ETH in the last 24 hours. As per CoinMarketCap data, ETH was trading at $1,643.21 at the time of reporting, slightly higher than its daily low of $1,642.62.
In the previous week, Ethereum (ETH) saw a slight uptick in its value, registering a growth of approximately 1.95%. Nevertheless, the altcoin’s trading volume has decreased more than 13% in the past 24 hours, reducing it to $4,547,102,054.
Technically speaking, the price of ETH could not surpass the $1,690 mark in recent days. As a result, the digital currency could revisit the subsequent support level of $1,580. If selling pressure persists, ETH could fall below this crucial level, possibly dropping to as low as $1,480 in the upcoming week.
Conversely, it could negate the bearish outlook if ETH secures a daily candle above $1,690 within the forthcoming 48 hours. Under these circumstances, the price of ETH could escalate to the $1,790 threshold.
Investors and traders should pay attention to the fact that the daily moving average convergence/divergence (MACD) line is nearing the daily MACD signal line. If these two lines intersect, it could indicate a potential continuation of ETH’s bearish trend. As a result, sellers might possess sufficient power and impact on ETH’s chart to push its price down to the mentioned $1,480 level.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
