Isleen's accumulation is still slow for daily traders, despite the recent surge in foreign exchange outflows in the British currency.The daily exchange outflow of Ethereum reached its highest level since August on October 4th
Isleen's accumulation is still slow for daily traders, despite the recent surge in foreign exchange outflows in the British currency.
- The daily exchange outflow of Ethereum reached its highest level since August on October 4th.
- The accumulation of ETH continues to be delayed.
On October 4th, over 110000 Ethereum [ETH] coins, worth approximately $177.65 million, were withdrawn from known cryptocurrency exchange wallets, setting the highest daily trading outflow since August.
When the foreign exchange outflow of an asset surges in this way, it indicates that coin holders are transferring their assets from exchanges to refrigerated warehouses or other non custodial wallets, which may indicate bullish sentiment.
ETH did not respond
After a surge in foreign exchange outflows, there is usually a rebound in asset prices, which means a decrease in selling. However, this has not yet been reflected in ETH, as prices are still trapped within a narrow range.
At the time of publication, this major gold coin was sold for $1620. Bitcoin [BTC] briefly surged above $28000 in intraday trading on October 5th, and ETH's price hit $1648 before falling all returns, according to CoinMarketCap data
On the daily chart, the coin accumulation of spot traders has lost momentum. As of the writing of this article, the relative strength index (RSI) of the coin is in a downward trend below the 50 neutral line.
Similarly, the ChaikinMoneyFlow (CMF) of the coin is below the zero line, at -0.11. A negative CMF value indicates that more funds have flowed out of assets than into assets.
A negative CMF value combined with price consolidation or decline is considered a bearish signal, indicating that investors are selling assets and reducing risk exposure.
The evaluation of the Directional Movement Index (DMI) of coins shows that ETH sellers regained market control after the peak price of coins fell from $1648 on October 5th. At the time of publication, the negative direction indicator (red) at 20.63 is located above the positive direction indicator (green) at 20.23.
This crossover indicates that the current price trend in the ETH market is a downward trend, with the downward price movement surpassing the upward price movement.
Futures traders are taking another path
Despite recent price trends and significant bearish sentiment in the ETH market, futures traders remain steadfast.
So far, ETH's open interest has increased this month. According to data from Chuangzhi. com, the holdings of the currency have increased by 3% since October 3rd.
When the ETH position increases, it means that the total number of unsettled ETH futures contracts increases.
This is a bullish signal as it indicates that more investors are opening new positions in ETH. And the demand for this asset is increasing.
It is worth noting that although ETH has encountered headwinds since April, Bitcoin's funding rates on various exchanges remain positive.
#Ethereum # # BTC # # Digital Currency#
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