Ethereum now holds its position over the $3,000 hard-earned level. Given the positive market response, this signals yet another bull rally in the digital asset. Investors are eager to share in the profits and more money is flowing into the digital asset every day. The exchange inflows as well as outflows show that these investors have a strong buy and accumulate tendency.
Ethereum outflows grow
Ethereum and its Bitcoin counterpart have been experiencing an outflow for the past week. This trend saw more cryptocurrency assets leave exchanges that were being imported. Glassnode AlertsReports daily on the exchange inflows or outflows. It shows that Ethereum investor are opting to take their coins off of exchanges.
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Daily exchange outflows were consistently higher than daily inflows over the past week. There was $5 billion in Ethereum moved to exchanges within a week. Outflows were $6 billion, on the other hand. This equates with 20% more ETH exiting exchanges than being sold.
🚨Weekly On-Chain Flow🚨#Bitcoin $BTC
➡️$7.3B
⬅️$7.7B
📉 Net flow: -$474.3M#Ethereum $ETH
➡️Invoices up to $5.0B
⬅️Outgoings: $6.0B
📉 Net flow: -$1.1B#Tether (ERC20) $USDT
➡️Invoice: $5.6B
⬅️Get $4.9B Out
📈 Net flow: +$722.7Mhttps://t.co/dk2HbGwhVw— glassnode alerts (@glassnodealerts) March 28, 2022
This shows that token investors have been steadily accumulating them over the last week. Recently, however, this trend has been interrupted. ETH’s accumulation trend turned on Monday morning as markets opened.
Glassnode Alerts announced Monday morning that inflows exceeded outflows. The daily chart shows that exchanges received $441 million in ETH, but only $418 millions of ETH went out. This resulted in a net flow (+$22.8 million).
It is still too early to know if this will be the next trend. This makes perfect sense as investors who held on to their investments during the consolidation period would like to make some profit now that the market is moving up.
Charts By ETH
Ethereum is enjoying a strong weekend rally. This digital asset, which was struggling to keep above $3,000 for so long, finally saw the support it needed to overcome the negative effects of bears. The soft landing of the digital asset above $3,300 helped it climb.
ETH breaks above $3,300 | Source: ETHUSD on TradingView.com
This recent trend has sparked bullishness in short-term trends regarding the digital asset. The cryptocurrency is preparing to face the next resistance above $3,500 and has been under intense buy pressure.
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Ethereum trades at $3,324 and has a market capital of nearly $400 billion as of the writing of this article.
Featured image taken from Admiral Markets chart on TradingView.com