By Franklin Smith
Ethereum exchange balances hit 4-year lows in what appears as a surprise. Glassnode, a leading analytics site, shows overall ETH on exchanges stayed below 20 million. The platform revealed this figure late on Friday, July 22.
ETH has never seen such exchange balances since July 2018. The time had Ethereum balances at 19.93 million. Meanwhile, current cases show investors could be readying for ETH 2.0 upgrade.
Moreover, Vitalik Buterin’s comments about 100K transfers per second following the merge might have triggered investor action. Nevertheless, there’s more than that. Something also matched the exchange balance decreases.
Over & Out
Similarly, the Ethereum blockchain has seen massive exchange outflow volume within the last few days. The index touched 13-month ATHs. While publishing this blog, it stood at 602.618, levels never hit since June last year.
It also proves the presumption that traders don’t plan to keep their Ether on centralized exchanges while waiting for the impending Consensus Layer launch. Nevertheless, how has the action impacted ETH’s price moves?
Action Faces Preparedness
Though ETH’s trading volume gained 2.98% within the previous 24 hours, prices noted a slight dip. Ethereum has lost the $1,600 mark after touching the $1,638 high in July 2022 (Coinmarketcap data).
While publishing this post, Ethereum changed hands at $1,580. What else has Ethereum noted besides the price dip?
Assessing Santiment’s data indicated that ETH’s daily active addresses surged. It stood at 487,070 as of July 19. Nevertheless, the metric climbed to 536,750 during this publication. Also, network activity has surged from July 17 till July 23.
The 4hr chart shows Ethereum still boasts the possibilities of climbing from current price areas. The DMI (Directional Movement Index) showed buyers could have dominance. Nevertheless, the –DMI line seems close to touching +DMI, indicating possible bearish sentiments.
Furthermore, the RSI (Relative Strength Index) kept some neutrality, swaying inside the 56 – 57 regions. Nevertheless, it still offers a buyer edge. That means the ETH price trend could be undecided. More action by investors might reflect the asset’s directional bias.
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