The post ETH Exchange Outflows Spike: Ethereum Heading For $3500? appeared on BitcoinEthereumNews.com.

The Ethereum price was on the 5th day of the bullish spell from July 8th onwards, showing almost 10% gains on the daily chart. After a long deterioration, it displayed a bullish presence from the critical support at the $2850 level.  Moreover, after breaching the 200-day EMA this week, the sentiment turned bearish, but buyers freaked out and started buying to push back above the 200-day EMA. This phenomenon was evident on the daily chart, and indicators depicted the same in their vicinity. Looking at the number 2 market-dominant player globally by market cap, the supply totally rotated among the users’ hands. ETH’s market cap has surged to $378.637 Billion, with a massive inflow in volume of $11.152 Billion.  Despite the large numbers, the liquidity appeared weak at press time. The 24-hour volume-to-market cap ratio was 2.93%. What does the ONchain Data of Ethereum (ETH) Present? Ethereum has a price correlation of 0.95 with the market leader, Bitcoin (BTC), and has behaved according to BTC’s price activity. The accumulation of the assets into their wallets by investors in the past 7 days has witnessed a surge.  The total exchange outflows stood at $8.21 billion at press time. Meanwhile, the total exchanges’ inflows have declined in the past 7 days and stood at $8.06 Billion. Token Summary | Source: Intotheblock Moreover, the holders’ interest in the crypto asset was high. About 73% of addresses have held ETH for more than 1 year (nearly 2.3 years), per the Holders’ composition by time held. Large holders’ concentration was 51% when writing; the whales owned more than 1% of the circulating supply. Number of Transactions | Source: IXFI As per the on-chain network data, the total addresses with a balance of ETH have jumped to 116.07 Million. The number of transactions this week surged…

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Filed under: News - @ July 13, 2024 2:16 pm