Earlier today, the on-chain monitoring tool Glassnode alerts tweeted that the amount of Ethereum (ETH) that has been taken out of exchanges has fallen to a 1-month low. The post states that 3,109.756 different exchange withdrawals (7d MA) were made using ETH. This most recent low was set just one day after the metric hit its previous low for the month yesterday. In a tweet, Glassnode alerts noted that ETH’s variety of change withdrawals (7d MA) had hit 3,110.208 over the previous 24 hours.
According to CoinMarketCap, the value of the biggest altcoin decreased by 0.74% over the course of the previous trading day. for the time of publication, ETH was trading hands for $1,634.03. Despite its poor performance on a daily basis, the cryptocurrency gained 0.17% over the course of the week.
In addition to the value increase, the daily volume of transactions for ETH increased by 13.20% the day before this trading session. As a result, the total was $4.956 billion.
At the time of publication, the daily RSI line was attempting to cross below the daily RSI SMA line, indicating that a significant bearish technical flag was about to be triggered. These two technical indicators should cross if sellers are in control. As a result, the value of ETH may decrease over the coming days.
If this potential technical red flag is confirmed, ETH‘s value may retest the next crucial support level at $1,580.96. However, the bearish thesis might also be disproved if the cryptocurrency is prepared to close a daily candle above the 9-day EMA line at roughly $1,642.12.
After that, the price of ETH may rise further to break over the 20-day EMA line before perhaps turning the $1,690 resistance level into support. The next level of $1,775 may be challenged by ETH during the course of the following week if purchasing assistance is maintained.
