Ethereum is unable to stay above $ 2,000, which continues to weaken the confidence of investors. Many traders prefer to keep assets in a liquid form, preparing for a possible sale.
The caution of traders in relation to Ethereum is manifested in a decrease in the volume of ETH output from exchanges. This indicator has reached a seven -month minimum.
Strengthening bear moods on exchanges
Analysis of transactions with Ethereum on exchanges has shown a significant reduction in ETH output from the end of January. According to Glassnode, on Tuesday, March 25, 59,755 coins were withdrawn from trading platforms. This is the lowest intraday indicator from August 31.
A decrease in the output of ETH from exchanges means that less investors transfer coins into personal wallets or cold storage. This indicates that they do not plan to hold token longly. Instead, they leave Ethereum on exchanges, which may indicate a readiness for sale.
At the same time, the number of deposits in ETH is growing, which confirms the increase in pressure from the sellers. According to Glassnode, since the beginning of March, the volume of ETH sent to the exchange has increased by 10%.
A sharp increase in exchange translations often signals that investors plan to sell by increasing pressure on the price.
Will Ethereum be able to maintain an upward trend
On the daily schedule, the host Altcoin demonstrates the upward trend, indicating a steady increase in price. If the bull impulse intensifies, and the conclusions from the exchanges will increase when the tributary of the deposits is slowed down, ETH can continue to increase and reach $ 2,148.
However, if the activity on the exchanges remains the same, and the pressure of sales will increase, ETH can break through the line of the rising trend and drop to $ 1,759.
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Source: Cryptocurrency
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