{"id":348895,"date":"2023-10-07T07:00:16","date_gmt":"2023-10-07T01:30:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348895"},"modified":"2023-10-06T14:57:25","modified_gmt":"2023-10-06T09:27:25","slug":"ethereum-fails-to-react-as-exchange-outflow-hits-highest-since-august","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-fails-to-react-as-exchange-outflow-hits-highest-since-august\/","title":{"rendered":"Ethereum fails to react as exchange outflow hits highest since August"},"content":{"rendered":"<ul>\n<li><em>Ethereum&#8217;s daily exchange outflow reached its highest level since August on 4 October.<\/em><\/li>\n<li><em>ETH&#8217;s accumulation has continued to dawdle.\u00a0<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On 4 October, over 110,000 Ethereum [ETH] coins, worth around $177.65 million, were withdrawn from known crypto exchange wallets, marking the highest daily exchange outflow since August.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> | Roughly 110,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> were withdrawn from known <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a> exchange wallets in the past 24 hours, worth around $177.65 million, according to onchain data from <a href=\"https:\/\/twitter.com\/santimentfeed?ref_src=twsrc%5Etfw\">@santimentfeed<\/a>. <a href=\"https:\/\/t.co\/3CGVgOQUbM\">pic.twitter.com\/3CGVgOQUbM<\/a><\/p>\n<p>&mdash; Ali Charts (@alicharts) <a href=\"https:\/\/twitter.com\/alicharts\/status\/1710029591958684098?ref_src=twsrc%5Etfw\">October 5, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">When an asset\u2019s 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.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green?\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Check out the ETH Profit Calculator<\/a><\/p>\n<hr \/>\n<h4><b>ETH fails to react<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">A surge in exchange outflows is typically followed by a rally in an asset\u2019s price, which means a reduction in sell-offs. However, this has yet to manifest in ETH, as the price remains trapped within a narrow range.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, the leading altcoin exchanged hands at $1,620. Following Bitcoin\u2019s [BTC] brief surge above $28,000 during the intraday trading session on 5 October, ETH\u2019s price touched $1648, after which it shed all its gains, data from <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\"> showed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the daily chart, coin accumulation amongst spot traders has lost momentum. As of this writing, the coin\u2019s Relative Strength Index (RSI) was positioned in a downtrend beneath its 50-neutral line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, the coin\u2019s Chaikin Money Flow (CMF) was below the zero line at -0.11. A negative CMF value indicates that more money is flowing out of an asset than into it.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An assessment of the coin\u2019s Directional Movement Index (DMI) revealed that ETH\u2019s sellers regained market control after the coin\u2019s price fell from its $1648 peak on 5 October. At press time, the negative directional indicator (red) at 20.63 was positioned above the positive directional indicator (green) at 20.23.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This crossover showed that the current price trend in the ETH market was a downtrend and that downward price movements outpaced upward price movements.\u00a0<\/span><\/p>\n<figure id=\"attachment_348903\" aria-describedby=\"caption-attachment-348903\" style=\"width: 2196px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44.png\"><img decoding=\"async\" class=\"wp-image-348903 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44.png\" alt=\"\" width=\"2196\" height=\"1226\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44.png 2196w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44-300x167.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44-1024x572.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44-768x429.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44-1536x858.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-06_08-18-44-2048x1143.png 2048w\" sizes=\"(max-width: 2196px) 100vw, 2196px\" \/><\/a><figcaption id=\"caption-attachment-348903\" class=\"wp-caption-text\">Source: ETH\/USDT on TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not,\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">here\u2019s ETH\u2019s market cap in BTC terms<\/a><\/p>\n<hr \/>\n<h4><b>Futures traders tread a different path<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Despite the recent price action and the significant bearish sentiments in the ETH market, futures traders have remained steadfast.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The month so far has seen an uptick in ETH\u2019s Open Interest. According to data from <a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\" target=\"_blank\" rel=\"noopener\">Coinglass<\/a>, the coin\u2019s Open Interest has increased by 3% since 3 October.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When ETH open interest increases, it means that the total number of ETH futures contracts that have not been settled has increased. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It is a bullish signal as it suggests that more investors are opening new positions in ETH. And that there is increasing demand for the asset.<\/span><\/p>\n<figure id=\"attachment_348901\" aria-describedby=\"caption-attachment-348901\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24.png\"><img decoding=\"async\" class=\"wp-image-348901 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24.png\" alt=\"\" width=\"2560\" height=\"688\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24-1024x275.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24-768x206.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24-1536x413.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.17.24-2048x551.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-348901\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">It remains notable that the coin\u2019s funding rates across exchanges have remained positive despite ETH\u2019s headwinds since April.\u00a0<\/span><\/p>\n<figure id=\"attachment_348902\" aria-describedby=\"caption-attachment-348902\" style=\"width: 2834px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13.png\"><img decoding=\"async\" class=\"size-full wp-image-348902\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13.png\" alt=\"\" width=\"2834\" height=\"780\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13-300x83.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13-1024x282.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13-768x211.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13-1536x423.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-06-at-08.18.13-2048x564.png 2048w\" sizes=\"(max-width: 2834px) 100vw, 2834px\" \/><\/a><figcaption id=\"caption-attachment-348902\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum&#8217;s accumulation remains slow amongst daily traders, despite the recent surge in the coin&#8217;s exchange outflow.<\/p>\n","protected":false},"author":64,"featured_media":348910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,32,66,3,4,20],"tags":[],"class_list":["post-348895","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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