Ethereum (ETH) Analysis: Major Exchange Inflows Raise Concerns
Ethereum Sees Huge Exchange Inflows
Ethereum’s massive exchange inflow started around September 18. During that period, only a small number flowed into exchanges after the coin positively reacted to the Fed rate cut. According to IntoTheBlock, 163,840 ETH has been sent to exchanges in the last 24 hours. With ETH priced at $2,546, this volume translates to over $400 million. This spike represents the highest inflows since January 23, when 567,390 ETH entered these platforms.
Such significant inflows typically indicate increasing selling pressure, as it appears holders are locking in profits from the recent price hike. Additionally, the surge puts ETH’s price at risk of another downturn.
ETH Price Prediction: Retracement Looms
Amid a bullish recovery, Ethereum’s price has recently climbed to $2,554. As the price climbs higher, the daily chart shows that ETH has hit the upper bands of the Bollinger Bands (BB) indicator. The BB shows if there is extreme or low volatility around a cryptocurrency.
In addition, if the price hits the lower band of the indicator, a crypto is oversold. In ETH’s case, it is overbought since the altcoin tapped the upper band. Furthermore, BeInCrypto also spots a supply zone around $2,745, which could hinder ETH from revisiting $3,000.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.