On 4 October, over 110,000 Ethereum [ETH] coins, worth around $177.65 million, were withdrawn from known crypto exchange wallets, marking...
coins, worth around $177.65 million, were withdrawn from known crypto exchange wallets, marking the highest daily exchange outflow since August.When an asset’s exchange outflow surges in this manner, it suggests that coin holders are moving their assets off exchanges and into cold storage or other non-custodial wallets, which could signify bullish sentiment.
On the daily chart, coin accumulation amongst spot traders has lost momentum. As of this writing, the coin’s Relative Strength Index was positioned in a downtrend beneath its 50-neutral line. A negative CMF value coupled with price consolidation or decline is taken as a bearish signal, suggesting that investors are selling the asset and reducing their exposure.
This crossover showed that the current price trend in the ETH market was a downtrend and that downward price movements outpaced upward price movements.
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