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Ethereum balances on crypto exchanges have hit a 2-year low of 12.447 million ETH

According to information from Glassnode, Ethereum balances on crypto exchanges have hit a 2-year low of 12,447 million ETH.

Ethereum balances on crypto exchanges have hit a 2-year low of 12.447 million ETH

At press time, ETH is trading around $2,660, having trouble breaking the $2,800 resistance. The reason is probably due to the influence of Bitcoin and strict regulations from China. Also, it is probably because the amount of Ethereum stored on centralized crypto exchanges has reached a 2-year low of 12,447.941 ETH.

There is a steady decline of Ethereum held on exchanges:

ethereum-balances-on-crypto-exchanges-have-hit-a-2-year-low-of-12-447-million-eth

Source: Glassnode

From the chart above, it can be observed that Ethereum balances on crypto exchanges experienced a brief rally in May before the trend reversed. This shows that ETH continues to flow out of exchanges.

The initial surge could be attributed to last month’s crypto market sell-off that saw Ethereum hit a new low at $1,728 on May 23. The sell-off was attributed to speculation. that Tesla has sold Bitcoin and China reiterates the 2018 ban on BTC mining and crypto trading.

According to data from Viewbase, the flow of Ethereum over the past 30 days has reached 1,042,493 ETH.

Conversely, this means that Ethereum investors have suppressed their desire to send their ETH to crypto exchanges for sale as is the case with Bitcoin as captured by the same screenshot.

As for price action, Ethereum is trading in the $2,600 price area after being rejected at the $2,800 resistance earlier today. The second resistance also converges with the 50-day moving average which has been a constant barrier for Ethereum since mid-May as seen in the chart below.

ethereum-balances-on-crypto-exchanges-have-hit-a-2-year-low-of-12-447-million-eth1

Source: TradingView

Also from the chart, it can be observed that Ethereum could look towards testing the $2,999 lower levels later this week based on the decrease in trading volume and MACD not showing enough strength to break above the line. basis.

As with all Altcoins like Ethereum, traders and investors are reminded that the fate of ETH in the crypto market is tied to Bitcoin. Right now, BTC is fighting to reclaim the $36,000 support area amid news of a new crackdown in China on Bitcoin-related social media accounts on Weibo.

As a result, BTC could suffer further losses before the weekly close. Therefore, the entire crypto market including Ethereum will follow BTC if it starts to fall again.

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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