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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Ethereum Exchange Exodus Deepens: $380M Withdrawn As Crucial Support Level Emerges

Scott Matherson
Scott Matherson
5 months ago
3 mins read
Ethereum

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Ethereum has recently regained bullish footing, climbing to $1,847 after dipping below $1,750 toward the end of April. This rebound follows a period of volatility, with price movements fluctuating between $1,740 and $1,847 over the past seven days.

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Amid the uncertainties in the wider crypto market, Ethereum’s ability to reclaim higher ground appears to align with shifting investor behavior, especially on centralized exchanges, where a noticeable number of Ether have been withdrawn in the past seven days.

$380M In ETH Pulled From Exchanges As Accumulation Trend Increases

According to IntoTheBlock, the past week saw over $380 million worth of Ethereum withdrawn from centralized trading platforms. This net outflow shows an increasing wave of accumulation among crypto investors. These investors are moving their assets into self-custody, which is often a sign of long-term conviction. 

The accompanying data chart underscores this momentum, highlighting five consecutive days of negative exchange netflows across aggregated platforms spanning 19 crypto exchanges.

Notably, the last time these exchanges saw a positive inflow of Ethereum was on April 27, with $50 million worth of ETH. Interestingly, just 24 hours prior, these aggregated exchanges witnessed a negative 166.68 million worth of Ethereum flows. Such an exchange flow dynamic brings forth the idea that Ethereum investors may be preparing for a rally.

Significant exchange outflows are known to precede notable bullish advances, and current the behavior mirrors previous price action where decreasing exchange balances acted as a precursor to sustained rallies. Notably, the current withdrawal trend coincides with the Ethereum price pushing back above the $1,800 mark.

Image From X: IntoTheBlock

Crucial Ethereum Support Zone At $1,770 

The ongoing accumulation is further supported by crypto analyst Ali Martinez, who recently pointed out a crucial Ethereum support level. According to Martinez, the $1,770 region is currently the most significant level for Ethereum in the short term, citing data from IntoTheBlock’s “In/Out of the Money Around Price” model. 

The In/Out of the Money Around Price model shows a high concentration of wallets (roughly 4.5 million addresses) having acquired 6.36 million ETH between $1,772 and $1,824. These holders are now “in the money” following Ethereum’s return to $1,845, which makes this zone a psychological stronghold.

ETH is now trading at $1,839. Chart: TradingView

The implication of this support zone is clear. If Ethereum sustains above this demand cluster, the probability of further upward movement increases. However, any retracement below $1,770 could invalidate the current bullish structure and expose Ethereum to downside volatility. 

Image From X: @ali_charts

For now, the net flows from exchanges indicate that Ethereum might be able to hold its ground around this $1,770 level. The less Ethereum available on exchanges, the less selling pressure. On the other hand, the next resistance cluster to get above in the short term is at $1,881.

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At the time of writing, Ethereum is trading at $1,845, up by 1% in the past 24 hours. 

Featured image from Unsplash, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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