Is selling pressure decreasing in Ethereum?
Approximately 30 thousand ETH was recently withdrawn from crypto exchanges.
Ethereum ($ETH ) exceeded $ 2,700 for the first time since September 27 and is showing strong signs of continuing its upward momentum. Although there is no positive data from spot ETFs yet, onchain data is bullish for Ethereum. In addition, analysts believe that Ether will move upward.
Netflow data, which shows the amount of coins entering and leaving exchanges, is positive for Ethereum. According to CryptoQuant, crypto investors have withdrawn 29,387 ETH from exchanges in a short time. High values in Netflow usually indicate increasing selling pressure. However, it is predicted that it will not face significant selling pressure in the short term with the withdrawal of approximately $ 80 million worth of ETH from exchanges.
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Another metric supporting the bullish outlook is the number of addresses holding $1 million or more in ETH. When this metric increases, it indicates that investors are accumulating more coins and are in a bullish trend.
According to Glassnode data, the number of addresses holding $1 million or more in ETH has increased. This metric shows that the Ethereum price can avoid selling pressure.
Crypto analyst and MN Consultancy founder Michaël van de Poppe also advocates a similar view. However, van de Poppe stated in his post that $ETH needs to hold above $2,770 in order to see $3,000. According to the analyst, $3,200 can be targeted first with the break of $2,770. The most critical area on the chart is the $3,900-$4,100 range. van de Poppe sees this area as the main resistance level.
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