{"id":355744,"date":"2023-11-04T04:00:38","date_gmt":"2023-11-03T22:30:38","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=355744"},"modified":"2023-11-03T18:23:22","modified_gmt":"2023-11-03T12:53:22","slug":"how-ethereums-exchange-deposits-could-aid-in-an-eth-comeback","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-ethereums-exchange-deposits-could-aid-in-an-eth-comeback\/","title":{"rendered":"How Ethereum&#8217;s exchange deposits could aid in an ETH comeback"},"content":{"rendered":"<ul>\n<li><em>ETH exchange deposits increased, pushing the coin price down the charts.<\/em><\/li>\n<li><em>The altcoin may drop below $1,800 but recovery may not take long.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Net exchange deposits of <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\"> hit a five-month high, according to data from IntoTheBlock. The crypto market insight platform disclosed that 127,183 ETH flowed into exchanges on 1 November, making it the highest the network has seen since May.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ethereum just hit a 5-month peak in net exchange deposits yesterday, with 127,183 ETH flowing into exchanges. The last time ETH recorded a higher number was in May. <a href=\"https:\/\/t.co\/reYDwuEC5D\">pic.twitter.com\/reYDwuEC5D<\/a><\/p>\n<p>&mdash; Sentora (@SentoraHQ) <a href=\"https:\/\/twitter.com\/SentoraHQ\/status\/1720022201942917242?ref_src=twsrc%5Etfw\">November 2, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ETH Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">A deposit into a crypto exchange is an on-chain transaction of transferring an asset from an external source (usually a non-custodial wallet) into an exchange. Inflows like this usually mean that the cryptocurrency in question could risk <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-is-sell-pressure-increasing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">plummeting<\/span><\/a><span style=\"font-weight: 400;\"> in price.<\/span><\/p>\n<h4><b>Like in May, ETH falls<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">For ETH, the price action felt the impact of the flow. At press time, ETH\u2019s value was $1,784. This was because of the 2.72% decrease it experienced in the last 24 hours. In May, when a similar thing occurred, ETH dropped below $1,8000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But a few weeks later, the altcoin price jumped close to $2,000. The question here is \u201cCan ETH repeat the same performance?\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Well, the information from Ethereum\u2019s <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=&amp;m=distribution.ExchangeNetPositionChange\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Exchange Net Position Change<\/span><\/a><span style=\"font-weight: 400;\"> showed that ETH could even drop further. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This was because the metric was in the negative at -132,740. The Exchange Net Position Change shows the monthly position switch of HODLers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A positive value of the metric means long-term investors are refraining from selling. However, a negative value implies that HODLers are cashing out which was the case with Ethereum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, unless accumulation takes over and the metric turns green, the better option might be to expect another price correction.<\/span><\/p>\n<figure id=\"attachment_355752\" aria-describedby=\"caption-attachment-355752\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-355752\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges.png\" alt=\"Ethereum net position change\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-exchange-net-position-change-eth-all-exchanges-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-355752\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>Fizzling strength, appearing opportunity<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Price-action-wise, the ETH\/USD 4-hour chart showed that selling pressure was still very present. In fact, the 0.618 Fibonacci retracement showed that there was a strong resistance at $1,813.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Besides that, holders also used the level to take profits. Meanwhile, the 0.786 Fib level, where ETH could trade around $1,778 could serve as a good entry point for traders. This is because this level often <\/span><a href=\"https:\/\/eng.ambcrypto.com\/ethereum-network-growth-takes-eth-to-1-8k-2k\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reverses<\/span><\/a><span style=\"font-weight: 400;\"> a trend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, if the ETH value hits this point, the trend may reverse upwards. Also, traders need to watch out for the Relative Strength Index (RSI). At press time, the RSI was 43.55. This reading was a sign that ETH\u2019s buying strength has waned.<\/span><\/p>\n<figure id=\"attachment_355749\" aria-describedby=\"caption-attachment-355749\" style=\"width: 1355px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44.png\"><img decoding=\"async\" class=\"size-full wp-image-355749\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44.png\" alt=\"Ethereum [ETH] price action and analysis\" width=\"1355\" height=\"721\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44.png 1355w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44-300x160.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44-1024x545.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/ETHUSD_2023-11-03_12-35-44-768x409.png 768w\" sizes=\"(max-width: 1355px) 100vw, 1355px\" \/><\/a><figcaption id=\"caption-attachment-355749\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The RSI drop was also an indication that sellers were in control. Should the indicator reading drop towards 30.00, then ETH would be oversold. Traders may want to watch out for this. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the RSI falls to 30.00 or close to it, and ETH decreases to $1,778, a long position may be worth opening.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Price-action-wise,\u00a0 the ETH\/USD 4-hour chart showed that selling pressure was still very present. Meanwhile, the 0.786 Fib level, where ETH could trade around $1,778 could serve as a good entry point.<\/p>\n","protected":false},"author":72,"featured_media":355747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[],"class_list":["post-355744","post","type-post","status-publish","format-standard","has-post-thumbnail","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) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Ethereum&#039;s exchange deposits could aid in an ETH comeback - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Net exchange deposits of Ethereum [ETH] hit a five-month high, according to data from IntoTheBlock. 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