According to the current data from IntoTheBlock, Ethereum recorded 7 days of consecutive outflows from exchanges as holders decided to hold onto their positions rather than selling them, which might be a strong positive signal for the market.
Ethereum supply on exchanges is on a downward trend. Over 327,000 ETH left exchanges since Feb 22nd. Source: IntoTheBlock
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Open account Try demo Download mobile app Download mobile appExchanges now hold 11.8% of Ethereum’s circulating supply. In the past, lower supply on exchanges caused strong upward moves. Recently Ethereum tested key resistance at $3,000 and posted double-digit gains this week.
Ethereum price is testing psychological resistance at $3000. Should break higher occur, upward move may accelerate towards resistance at $3200 which coincides with 38.2% Fibonacci retracement of the last downward correction. On the other hand, if sellers manage to regain control, local support at $2800 may be at risk. Source: xStation5
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