Ethereum is close to $ 1900, amid a sharp decrease in the stock exchanges

At a time when the digital currency market is witnessing signs of general recovery, Ethereum began to show strong rise indicators, especially after approaching the $ 1900 barrier, which is considered a detailed price point.

Despite this improvement, the trend of investors has become clear towards keeping their currencies, which was reflected in a sharp decrease in the quantities of ETH on trading platforms.

A sharp drop in Ethereum reserves on stock exchanges

Ethereum recently recovered after exceeding the $ 1,800 barrier, taking advantage of the positive conditions surrounding the market, and in conjunction with that investors began to withdraw large quantities of ETH from the main stock exchanges, on top of which is the Binance platform, and this transformation in investment behavior was highlighted by analyzing the ETH reserve rate on the stock exchanges, which was presented by Kyle Dooops, the presenter of the program Crypto Banter.

The noticeable decrease in the ETH reserve is explained as an indication that investors are storing their currencies in governorates far from the reach of daily trading, which reduces the offer available for sale and increases the chances of scarcity in the markets, and this behavior reveals increasing confidence in the future of Ethereum, especially with the ascension indicators that began to wave on the horizon.

The data shared by the Kyle Dooops shows a clear decline in the available amount of ETH on the stock exchanges, which often happens before ascending price movements, and according to its vision, the liquidity withdrawal from the platforms causes a decrease in sales pressure, which may lead to what is known as “price pressure” in the short term, and according to its analysis, the Binance platform remains the central point of Etharium liquidity.

The upward trend is not enough to finish the descending chain

Despite all the positive indicators, Ethereum ended April in a declining style, adding a fifth month to the negative performance chain, and the well -known technical analyst Venturefounder indicated that Etharium has been under constant selling pressure months ago in a repetition of what happened in 2018, where the currency recorded seven consecutive months of decline, ending at the level of $ 91.

With the beginning of the month of May, expectations began to indicate the possibility of the path turning towards a new wave of rise, and some analysts believe that this transformation may be the beginning of a real change, while others such as Crypto Bullet believe that what is happening may be merely a temporary correction known as the “dead cat leap”, despite its vision to be a strong spoiler of the period of the period between August and October 2023, but it is still conservative indicating to Ethereum performance during this course, especially since the current session is close to its end within only seven months.