The post ETH Bulls Bet Big, Pull $780 Million Coins from Exchanges appeared on BitcoinEthereumNews.com.

Despite a recent price decline, Ethereum (ETH) bulls appear to be setting their sight on a renewed rally, according to data obtained by BeInCrypto on-chain. Today, ETH’s price is $3,130 — down from its recent peak of $3,434 on November 12. Investors, however, remain resolute that the cryptocurrency pullback is temporary. Here is a breakdown of what could happen amid the current sentiment. Ethereum Investors Decide Not to Sell According to Glassnode, the total Ethereum exchange inflow is 249,245 as of this writing. Exchange inflow is the number of coins sent to exchanges within a given timeframe. When this metric increases, it means that more holders are willing to sell, which could be bearish for the cryptocurrency. On the other hand, a decrease in the exchange inflow indicates that investors are removing their holdings from exchanges. For ETH, the current figure, valued at approximately $780 million, is a decrease from the value on Friday, November 15. Therefore, this suggests that most ETH holders are refraining from selling. If this continues, the cryptocurrency might not experience a decline below $3,000 in the short term. Ethereum Exchange Inflow. Source: Glassnode Data from IntoTheBlock reveals that ETH bulls are actively working to sustain the price. This is evident from the Bulls and Bears indicator, which tracks whether addresses trading at least 1% of a cryptocurrency’s volume are predominantly buying or selling. When the indicator shows more bulls, it signals that participants are primarily buying. Conversely, a higher number of bears indicates increased selling activity.  Over the past 24 hours, Ethereum bulls have outnumbered bears, suggesting ETH’s price could surpass $3,130 in the short term. Ethereum Bulls and Bears Indicator. Source: IntoTheBlock ETH Price Prediction: More Support for the Upside From an on-chain perspective, the In/Out of Money Around Price (IOMAP) supports the bias…

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Filed under: News - @ November 17, 2024 9:19 am