- Coinbase has experienced massive ETH outflows today.
- Ethereum is up 6.30% in the last 24 hours.
On Wednesday, the ETH price was able to post modest gains despite the lack of market movement. However, the latest downswing has brought it to the crucial support level stretching from $2,700 to $2,800, indicating a pessimistic market picture. But the creation of many “Doji” candlesticks indicates that traders are unsure what will happen next in the price of a particular coin.
After reaching a swing high of $3,581.60 on the daily chart, the ETH price fell by 24% due to a significant decrease in purchasing interest. A short-term consolidation phase has begun after the price tested the swing lows around $2,710 earlier this week. According to a CryptoQuant report, Coinbase, a well-known crypto exchange, has experienced massive ETH outflows today. Furthermore, the data shows that the exchange has the greatest overall outflow rate.
“Outflows,” as the name suggests, “shows how much ETH has been sent from the exchange to personal wallets. The presence of outflows in a cryptocurrency’s market indicates that buyers are exerting pressure on the price. According to the Coinbase Pro outflow history, similar indicator values grew increasingly prevalent as the Bull Run advanced.
Whale Alert
Whale Alert collects and maintains data from several blockchains in a single standard manner in its databases. Crypto.com has received 6,800 ETH from a whale from an anonymous wallet. It was also reported that the deal was worth 19,100,330 USD by the Blockchain Analytics and Monitoring Company.
🚨 6,800 #ETH (19,100,330 USD) transferred from unknown wallet to #CryptoComhttps://t.co/KZ4eiDCxDq
— Whale Alert (@whale_alert) May 4, 2022
According to Whale Alert data, the transaction occurred on Wed, 04 May 2022, at 10:01:13 UTC. Moreover, according to CMC, the Ethereum price today is $2,951.46 USD, with a 24-hour trading volume of $17,344,326,824 USD. Ethereum is up 6.30% in the last 24 hours.
