Ether Leeum's price has been significantly volatile over the past week and has vibrated between $ 4,260 and $ 4,490. This price movement is not only a result of market volatility, but also an interesting fundamental factor. Recent chain analysis explores some elements after Ether Leeum's price behavior.
Ether Leeum retention of the entire exchange decreases in 3 months.
In the Quicktake Post of the Cryptoquant platform, a pseudonym analyst CryptoonChain said Ether Rigium had a significant decline over the last few months.
In particular, Binance and Coinbase, the world's largest exchanges through trading volume, are the main culprit of this continuous ETH leak.
According to the analyst, the stake in Binance decreased by about 700,000 ETH within two weeks from August 23 to September 5. During the same period, the US -based coinbase recorded about 900,000 token leaks.
As the period increased, CryptoonChain cited ETH leaks for about two months, becoming more than 2.6 million ether tokens in the central response exchange. Interestingly, the analyst mentioned the obvious correlation between EXCHANGE HOLDINGS and Ethereum's market prices.
Implications for Ether Leeum Price
Exchange, especially in coinbase and by -needle, suggests continuous accumulation of Etherrium tokens. In general, Exchange Outflows indicates that investors are moving their assets from exchange addresses to non -parent wallets.
Source: CryptoQuant
In essence, this trend is a sign that investors no longer try to sell Etherrium tokens, but rather long -term. The reverse correlation mentioned before the Ether Leeum exchange retention and ETH price supports this speculation.
If you withdraw its digital assets from the Exchange address to the holder wallet, it can cause a phenomenon known as a supply shock. In the context, supply shock or supply crunch indicates that the price of the assets available in the public market decreases and the price rises.
Related Reading: Stablecoin Exchange Hit records $ 68 billion and Binance alone.
In light of this, CryptoonChain repeated these basic economic principles and stated that the continuous decline in ETH supply to exchange could lead to prices, especially if investors' demand remains or increases.
At the time of this article, Etherrium price is about $ 4,276, reflecting almost 1% decrease in the last 24 hours. According to Coingecko data, the second largest cryptocurrency has reduced more than 2% over the last seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock's main image, TradingView chart
Editorial process focuses on providing thorough research, accurate and prejudice content. We support the strict sourcing standard and each page is diligent in the top technology experts and the seasoned editor's team. This process ensures the integrity, relevance and value of the reader's content.
