Ethereum Sees $380M Withdrawn from Exchanges Amid Price Recovery
Ethereum has rebounded to $1,847 after dipping below $1,750 in late April, following a week of volatility with prices ranging between $1,740 and $1,847.
$380M In ETH Withdrawn From Exchanges
- Over $380 million worth of Ethereum was withdrawn from centralized exchanges last week, indicating rising accumulation among investors.
- Five consecutive days of negative net exchange flows were observed across 19 crypto exchanges.
- The last positive inflow occurred on April 27, with $50 million worth of ETH.
- Significant outflows often precede bullish trends, aligning with Ethereum's current price movement above $1,800.
Key Support Level at $1,770
- Analyst Ali Martinez identified $1,770 as a crucial support level for Ethereum.
- A high concentration of wallets holds approximately 6.36 million ETH between $1,772 and $1,824, creating a psychological support zone.
- Sustaining above this level may lead to further upward movement; a drop below could indicate potential downside risks.
- The next resistance level is around $1,881.
Currently, Ethereum is trading at $1,845, reflecting a 1% increase in the past 24 hours.