Crypto Exchanges Lose $908 Million Ethereum in Surprising Twist

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Outflows of ETH from exchanges may signal a positive outlook for the price of the cryptocurrency, as it implies lower selling pressure and higher scarcity. Ethereum has gained 105% in one year, reaching a high of $3521 on Feb. 29.On Feb. 25, Ethereum broke above the $3,030 resistance, signaling the start of the next leg of the uptrend. The rally gained traction, with highs of $3,521 reached in Thursday's trading session.

The upward-sloping moving averages show that bulls are in control, but the RSI's overbought zone suggests that a slight pullback or consolidation is probable. At the time of writing, ETH was down 1.05% in the last 24 hours to $3,447. That being stated, the first indication of weakness will be a break and close below 2,823. This suggests aggressive profit booking by traders. ETH could then fall to $2,717, and then to the daily MA 50 of $2,617.

On the other hand, ETH might target the $4,000 level next if a sustained close above the current $3,521 barrier is achievedTomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.

Source: Digital Coin News (digitalcoinnews.net)

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