Crypto Industry News:
Cryptocurrency exchanges currently hold only 11% of all ETH in circulation. The last time such amounts of ETH were recorded in September 2018.
Glassnode data clearly indicates less and less ETH on cryptocurrency exchanges. However, while at that time the ETH balance on the stock exchanges was less than 22 million, it has now dropped to 13.55 million. This translates to around 11.3% of all ETH currently in circulation.
There are currently 13,556,367 ETH on wallets associated with cryptocurrency exchanges, of which almost 6 million are held on the one of the biggest crypto exchange alone. In the case of the largest cryptocurrency exchange, the amount of ETH is less than half.
Many people treat the ETH outflow from exchanges as a bullish signal. There are also analysts who predict increases in the rate of the second most important cryptocurrency.
Technical Market Outlook:
The ETH/USD pair had been rejected from the technical resistance located at the level of $42,607 and the market is making a pull-back below $3,000. In a case of a further breakout higher, the next target for bulls is the supply zone located between the levels of $3,244 - $3,287. As long as the price stays above the technical support seen at $2,831 - $2,778 the outlook is bullish. The strong and positive momentum supports the bullish outlook.
Weekly Pivot Points:
WR3 - $3,607
WR2 - $3,304
WR1 - $3,113
Weekly Pivot - $2,810
WS1 - $2,610
WS2 - $2,316
WS3 - $2,211
Trading Outlook:
The market keeps trying to bounce higher after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,192 is the next key Fibonacci retracement for bulls, but the bulls had failed to break through three times already. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term.
