Despite the recent surge in trading outflows of Ethereum, the accumulation of Ethereum among daily traders is still slow.On October 4th, Ethereum's daily trading outflow reached its highest level since August
Despite the recent surge in trading outflows of Ethereum, the accumulation of Ethereum among daily traders is still slow.
- On October 4th, Ethereum's daily trading outflow reached its highest level since August.
- The accumulation of ETH is still lingering.
On October 4th, over 110000 Ethereum coins (worth approximately $177.65 million) were withdrawn from known cryptocurrency trading wallets, marking the highest daily trading outflow since August.
When the outflow of assets from the exchange surges in this way, it indicates that token holders are transferring their assets from the exchange to cold storage or other non custodial wallets, which may indicate bullish sentiment.
ETH did not respond
After a surge in foreign exchange outflows, asset prices usually rise, which means a decrease in selling. However, this has not yet been reflected in ETH, as prices are still trapped within a narrow range.
As of the time of publication, the leading counterfeit currency trading price was $1620. According to CoinMarketCap data, after Bitcoin briefly surged to over $28000 during the intraday trading session on October 5th, ETH's price hit $1648, and it has since recouped all its gains.
On the daily chart, the currency accumulation of spot traders has lost momentum. As of the writing of this article, the relative strength index (RSI) of the token is in a downward trend below the 50 neutral line.
Similarly, the Chaikin Money Flow (CMF) of this token 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 token direction movement index (DMI) shows that ETH sellers regained market control after the token price fell from its peak of $1648 on October 5th. As of the time of publication, the negative indicator (red) 20.63 is above the positive indicator (green) 20.23.
This crossover indicates that the current price trend in the ETH market is a downward trend, and the downward trend of prices exceeds the upward trend of prices.
Futures traders have taken different paths
Despite recent price trends and significant bearish sentiment in the ETH market, futures traders still maintain a firm stance.
So far this month, ETH's open positions have increased. According to Coinglas' data, the open positions of the token 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 constantly increasing.
It is worth noting that although ETH has encountered headwinds since April, the financing rates of various exchanges remain positive.
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