Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record
Macro headwinds continue to hamper Ethereum's long-term upside prospects. Ethereum's native token Ether (ETH) is poised for a mini bull run above $3,000 primarily due to a classic bullish reversal pattern on its shorter-timeframe chart, and a huge spike in ETH outflows from Coinbase.ETH price forming falling wedgeETH's price has been forming a falling wedge pattern since late March 2022, which raises its prospects of undergoing a breakout move in May.Falling wedges appear when the price trends lower inside a range defined by two descending, contracting trendlines. As a rule of technical....
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On-chain data shows the crypto exchange Coinbase observed 38k BTC in outflows shortly before Bitcoin recovered back above $30k. Bitcoin Netflow For Coinbase Pro Shows Deep Negative Spikes As pointed out by an analyst in a CryptoQuant post, outflows from Coinbase Pro wallets measured to around 38k BTC yesterday. The relevant metric here is the […]
Bitcoin and altcoins have not had the best week according to reports coming out of the market. The crypto market as a whole has been enjoying months of continuous inflows following hot on the heels of the recent market rally. It has pushed crypto-assets such as bitcoin towards new highs as inflows had hit a new record alongside assets under management. But it seems that this is changing. Coming off the back of what was 17 consecutive weeks of inflows, the market is now seeing movement in the opposite direction. While assets such as ethereum had previously recorded outflows at various....
On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin. Coinbase Observes Outflow Of 400,000 ETH As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase. The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange. When the metric shows a big spike, it means a lot of ETH was withdrawn from the....
On-chain data shows despite the Bitcoin drop to $47k, Coinbase saw outflows of around 31k BTC, a sign that the market could still be bullish. Outflows Of 31k BTC On Crypto Exchange Coinbase As pointed out by a CryptoQuant post, the popular crypto exchange Coinbase has observed huge Bitcoin outflows today. As is apparent from the name, the “outflows” indicator shows the amount of BTC transferred from an exchange to personal wallets. A huge spike in the metric’s value means big investors are moving their Bitcoin out of exchanges either to hodl or for selling through OTC....
Exchange supply in the crypto market has been down across the board, and Ethereum has been no exception. The digital asset has grown in popularity due to the rise of decentralized finance (DeFi). Due to its token being the primary mode of payment on the protocols and Ethereum being the largest smart contracts platform in the market. This has led to increased fate in the asset by investors. Many of whom see the price of ETH hitting as high as $10,000 before the year runs out. Related Reading | Cathie Wood Reiterates $500K Bitcoin Call, Reveals Ethereum Rebalancing As sentiments have....