A massive amount of eth has arrived on centralized exchanges, increasing the ethereum balances of these exchanges. Given the implications of currency inflows, it could be a barrier for the cryptocurrency when it comes to reclaiming the $2,000 resistance.
Investors send 13,000 eth to exchanges
Data from IntoTheBlock shows that a huge amount of eth headed to exchanges as the price rose. The total entry volume as of October 31, when the price first broke the $1,800 resistance, was 480,570. However, by early November, this figure had skyrocketed.
On November 1, total eth flowed onto exchanges reaching 774,890 and, at that time, the bulls had established their dominance above the $1,800 level. With outflows of around 630,000 eth, the eth/deep-dive?group=exchanges&subgroup=on-chain-flows&chart=net-flows” rel=”nofollow”>network flows approximately 130,000 eth flowed onto exchanges on November 1st. This showed the willingness of investors to start making profits from their holdings.
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Source: IntoTheBlock
As the data tracker shows, most ethereum investors had returned to profit after crossing $1,800. Even after the pullback, the total percentage of eth investors making profits is 55.40% and it is not surprising that some of these investors want to make profits.
However, on November 2, investors eased up on capital inflows. Data shows that eth inflow figures fell to 637,070 on Thursday, although it is still much higher than the previous week’s figures. Net exchange flow is now down to 31,040 eth as of Thursday.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/ETH-Sent-to-Exchanges-Rises-Above-500000-Is-Ethereum-at" alt="Tradingview.com ethereum Price Chart” width=”2650″ height=”1758″ loading=”lazy”/>
eth price recovers above $1,800 | Source: ETHUSD on Tradingview.com
Large ethereum holders take action
ethereum has also seen an increase in the number of large transactions taking place on the network, as well as the transaction volume of these large holders. The total number of large transactions amounted to 1,900 on October 29. But on November 2, the number skyrocketed to 4,320, an increase of more than 100% in just four days.
The transaction volumes of these whales also saw an almost similar increase compared to the number of large transactions. Large transaction volumes amounted to 741,440 eth on October 29. But on November 2, the volume reached 2.21 million eth. In dollar figures, large transaction volumes increased from $1.33 billion to $4.04 billion.
If we look at the bullish and bearish trades (i.e. buying vs. selling), there is not a big difference: the bulls are still leading the asset. The 7-day total for the bulls was 98 bullish compared to 87 bearish. But the gap is closing more every day when IntoTheBlock eth/deep-dive?group=financials&chart=bullsAndBears” rel=”nofollow”>sample 14 bullish and 12 bearish.
