Ethereum just signed a comeback at the level of centralized exchanges of cryptocurrencies. In fact, a massive quality of ETH has been flowing into these CEXs as of late. It is said that their amount exceeds 500,000 ethers. Zoom !
ETH investors confident again!
THE bull run bitcoin started last October 24 also positively affected its junior Ethereum. Currently, the prince of cryptocurrencies is trading at $1,842.70 per piece. Which represents an increase of 3% over 7 days and 14.6% over two weeks, estimates CoinGecko.
Based on data from IntoTheBlock, NewsBTC highlighted a massive migration of ETH on crypto exchanges. The more its price increases, the more exchanges record a very significant total volume of incoming flows, analysts estimate.
Example: last October 31, when ether crossed the $1,800 resistancethis volume was valued at 480,570 ETH.
24 hours later, the total volume of ether entering CEX was 774,890 coins. ETH was valuing above the aforementioned resistance at that time. As for outgoing flows, we advanced the sum of 630,000 ETH. Which represents net flows of approximately 130,000 ETH for crypto exchanges at 1er November 2023.
What can we learn from his movements? Apparently, Ethereum investors have started taking profits on their ETH holdings once the $1,800 mark is crossed. In other words, a large number of them did not hesitate to secure their profits with a rate of 55.40%.
However, the next day, ETH traders slowed the pace of inflows. As of Thursday, November 2, there were only 637,070 ETH transferred to crypto exchanges. And it went down to 31,040 ETH from that date.
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