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The post Time to buy ETH? $200 Million Worth Ethereum Outflows appeared first on Coinpedia Fintech News

Amid the notable price decline across the cryptocurrency market, Ethereum (ETH) has been making waves as it has gained significant attention from crypto investors. The major on-chain analytics firm Coinglass revealed that whales, investors, and long-term holders have been accumulating the token.

$200 Million Worth Ethereum (ETH) Outflow

Data revealed that exchanges across the world have witnessed a significant $200 million worth of outflows of ETH tokens. This substantial outflow, amid bearish market sentiment, hints at potential accumulation and has the potential to cause heavy buying pressure and further upside rally.

Source: Coinglass

However, this significant outflow from the exchanges began when the altcoin failed to maintain its bullish price action pattern, which it had formed on the daily time frame.

Current Price Momentum 

Ether is currently trading near the $2,945 level and has witnessed a price decline of over 8.90% in the past 24 hours. However, despite the current market sentiment and notable price decline, traders and investors have shown strong interest and confidence in the token, resulting in a 90% jump in trading volume.

This is the first time ETH has fallen below the $3,000 level since pro-crypto Donald Trump won the presidential election. However, looking at the current price range, Ether seems to be in an ideal range to buy.

The reason is Trump’s World Liberty’s continuous and significant investment into ETH when it was trading near the $3,400 level.

Ether Price Prediction 

According to expert technical analysis, with the massive price drop, ETH has reached near its strong support area of $2,800.

Source: Trading View

Based on the recent price action, if Ether holds above the $2,800 level, there is a strong possibility it could soar by 30% to reach the $3,850 level in the future. Conversely, if it fails to hold this support level and closes a daily candle below $2,800, we could see a price drop of 20% to the next support at the $2,250 level.

This bearish market sentiment has pushed ETH into a downtrend, as it is trading below the 200 Exponential Moving Average (EMA) on the daily time frame.

Imagine turning $26 into $60.3 million $PEPE E – only to find out you CAN’T touch your fortune! 😱 That’s exactly what happened to one PEPE investor, who hit the jackpot but got blacklisted before they could enjoy their life-changing gains. Here’s the full story – and what YOU can learn from it
1. The Dream That Turned Sour**
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BTC, XRP, DOGE
$BTC
{future}(BTCUSDT)
$SOL
{spot}(SOLUSDT)

WHY IS CRYPTO MARKET DOWN TODAY?
MAJOR CRASH AHEAD!

The crypto market is experiencing a downturn today, primarily due to the recent tariffs imposed by Donald Trump on Canada, Mexico, and China. This move has sparked concerns about a potential trade war, leading to increased selling pressure and a decline in crypto prices .

Bitcoin, in particular, has fallen below the $100,000 mark, with a 2.22% drop in price. Altcoins like XRP and Dogecoin have also been affected, with price drops of 6.02% and 7.31%, respectively .

The trade war tensions have led to a rise in the US dollar index (DXY) and 10-year Treasury yields, which typically move inversely to Bitcoin's price. This has resulted in a combined crypto liquidation of over $700 million, with Bitcoin accounting for $57 million of that amount .

While some experts predict a temporary shake-up in the market, others believe that the trade war could trigger a major crash. However, it's essential to note that the crypto market is known for its volatility, and prices can fluctuate rapidly.

In the midst of this uncertainty, some analysts remain optimistic about Bitcoin's potential for growth. Sergei Gorev, Head of Risk at YouHodler, believes that Bitcoin could hit a new all-time high in February, citing historical trends and technical analysis .#cryptouniverseofficial