Ethereum bleeding is escalating .. withdrawing $ 380 million with a decisive support level

Ethereum has recently regained its upscale momentum, after it rose to 1847 dollars after falling below $ 1750 at the end of April, and this apostasy comes in the wake of a period of fluctuations, as the price movement fluctuated between 1740 and 1847 dollars during the past seven days.

Withdrawing $ 380 million from Ethereum stocks with an increasing pace of accumulation

According to the InTothheblock platform last week, more than $ 380 million of Ethereum was withdrawn from the central trading platforms, and this negative net flow reflects the escalation of the accumulation wave between investors, as they transfer their assets to their own governor, which is usually an indication of a long -term investment conviction.

The data accompanying this trend shows the record of five consecutive days of negative flows across 19 central exchanges, a sign that enhances the possibilities of entering the market in a new rise.

It is noteworthy that the last time these stock exchanges recorded positive flows to Ethereum were on April 27 when a value of $ 50 million was pumped, but the previous day, these platforms witnessed output flows of 166.68 million dollars, and this contrast in Ethereum flows indicates that investors may be in the process of preparing for a rise.

It is known about the large flows coming out of the stock exchanges, that they usually precede strong waves, which is now repeated with the return of Ethereum price above the level of 1800 dollars.

A decisive support zone for Ethereum at $ 1770

This continuous accumulation is also supported by the vision of the technical analyst “Ali Martinez”, who recently referred to a decisive support zone in Ethereum, and according to the “profit and loss and loss model” the price “provided” from InTothheblock, the $ 1770 region is the most important support point for Ethereum in the short term.

The model shows that there is a high concentration of portfolios (approximately 4.5 million titles) that purchased about 6.36 million Ethereum currencies within a price range ranging between 1772 and 1824 dollars, and thanks to the rise of the price to $ 1845, this portfolio became “in a profit”, which makes this area with a large psychological weight for currency holders.

The importance of this support is that if the Ethereum succeeds in staying above this price range, the chances of continuing to rise will increase, but if it declines to a level of $ 1770, this may lead to breaking the current upper structure and entering the currency in the stage of declining fluctuations.

Coordination in the face of pressure and upcoming resistance levels

At the present time, the flows from the stock exchanges indicate that Ethereum may be able to stability at the level of 1770 dollars, the less the supply of the currency on the platforms, the less selling pressures, and on the other side, the next level of resistance that must be exceeded in the short term is at $ 1881.

At the moment of writing this report, Ethereum is trading at $ 1845, an increase of 1% over the past twenty -four hours.