Ethereum Records $1.4 Billion in Exchange Outflows This Week

Ethereum has seen a 15% decline from recent highs, reaching a low of $3,157 amid market volatility. Despite this downturn, on-chain data indicates strong investor sentiment. Key points include:

  • Net outflows from exchanges exceeded $1.4 billion this week, the highest since November.
  • These outflows suggest long-term confidence, as investors transfer assets to cold storage.
  • Resistance at $3,300 is crucial; breaking this level may initiate a recovery.
  • Current trading price is around $3,250, testing critical weekly demand levels.
  • Staying above $3,100 is essential to avoid further declines and maintain bullish potential.

The ability of Ethereum to navigate these resistance and support levels will be key in determining its future trajectory as investors monitor market conditions closely.

Ethereum exchange flows | Source: IntoTheBlock on X
ETH testing key demand level