ETH Sent To Exchanges Climbs Above 500,000, Is Ethereum At $2,000 Still Possible?
A massive amount of ETH was funneled to centralized exchanges, increasing the Ethereum balances of these exchanges. Given the implications of foreign exchange entriesthis could be a hindrance for the cryptocurrency when it comes to claiming the $2,000 resistance.
Investors send 13,000 ETH to exchanges
Data from IntoTheBlock shows a massive amount of ETH headed to the exchanges as the price increased. The total entry volume as of October 31, when the price first broke the $1,800 resistance, was 480,570. However, by early November, this figure had exploded massively.
On November 1, total ETH flooded into exchanges to reach 774,890, and by then, bulls had established their dominance above the $1,800 level. With outflows of around 630,000 ETH, the net flows amounts to approximately 130,000 ETH entering the exchange on November 1st. This shows the willingness of investors to start profiting from their holdings.
Source: IntoTheBlock
As data tracking shows, the majority of Ethereum investors returned to profit after crossing $1,800. Even after the retracement, the total percentage of EPF Investors The profit stands at 55.40% and it’s no surprise that some of these investors want to make a profit.
On November 2, however, investors saw a relaxation in capital inflows. Data shows that on Thursday, the ETH Entry the figures fell to 637,070, although this figure is still much higher than the previous week’s figures. Net exchange flow is now down to 31,040 ETH on Thursday.
ETH price recovers above $1,800 | Source: ETHUSD on Tradingview.com
Large Ethereum Holders Take Action
Ethereum has also seen an increase in the number of large transactions made on the network as well as the trading volume of these large holders. The total number of large transactions stood at 1,900 on October 29. But on November 2, that number rose to 4,320, an increase of more than 100% in just four days.
The trading volumes of these whales have also seen an increase almost similar to the number of large transactions. Large trading volumes amounted to 741,440 ETH on October 29. But on November 2, the volume reached 2.21 million. ETH. In dollar terms, large transaction volumes increased from $1.33 billion to $4.04 billion.
Looking at bull and bear trades (i.e. those buying versus those selling), there is not a big difference between the bulls continuing to dominate the asset. The 7-day total for bulls came to a total of 98 bulls to 87 bears. But the gap is narrowing more every day where IntoTheBlock watch 14 bulls and 12 bears.
