Ethereum rises beyond $2,700 after Fed Chair's talk, exchanges lose 284K ETH
Ethereum rose over 5% after Fed Chair Yellen said the central bank may decrease rates.
After buyers pulled 283.9K ETH from exchanges, net flows dropped to a two-month low.
Ethereum ETFs keep losing for six days as Grayscale's ETHE offset Fidelity's FETH.
Buying pressure to break a key rectangle's resistance might boost the top altcoin by 30%.
After Fed Chair Jerome Powell signaled a rate drop, bulls drove Ethereum up 5% on Friday.
Ethereum rose more than 2% with the crypto market after his speech, suggesting investors were regaining trust in the top cryptocurrency.
Ethereum's exchange net flow dropped to 283.9K ETH, its lowest since June 11, due to investor purchasing pressure.
Exchange net flow is the difference between coins entering and leaving exchanges. Net outflows indicate strong purchasing pressure, whereas net inflows do not.
Outflows dropped to 38,983 ETH on the seven-day ETH exchange net flow moving average.
After extending their negative flows streak to six days on Thursday, Farside Investors' data suggests Ethereum ETFs will close the week with net outflows. Net outflows for the nine US spot ETH ETFs dropped to $800,000, their lowest since inception.
Fidelity's FETH saw $14.3 million in net inflows, VanEck's ETHV $1 million, and Grayscale's mini ETH $3.7 million. However, Grayscale's ETHE outflows of $19.8 million outweighed their positive flows.
Ethereum is up over 5% to $2,720 on Friday. Over the last 24 hours, ETH has witnessed $26.97 million in liquidations, $12.84 million long and $14.13 million short.
After the August 5 market crisis, ETH has traded in a critical rectangle. After ETH crossed $2,817 on August 4, it became a significant resistance level after five months as a support level.
ETH may surpass $2,817 barrier and soar 30% to $3,542 when the Fed Chair confirms a rate decrease. ETH may try to breach $4,093 annual barrier if it breaks $3,542.
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