ETH Price Action
Since yesterday, when the market began to roll over and fall within the channel, ETH has not been able to ascend much higher than $3500. The Ethereum price is still lingering in the $3400 but if the bulls return to the market, the price might increase further and break to the upside.
In reference to the daily chart, if sellers continue to exert downward pressure on the Ethereum price, initial support might be located at $3300, with additional support at $3000, $2800, and $2600 accordingly below the lower boundary of the channel.
Meanwhile, if the bulls can hold the $3500 support level and allow the Ethereum (ETH) to bounce, an initial resistance level might be found at $3700, which is above the 9-day and 21-day moving averages. More importantly, more resistance levels at $4000, $4200, and $4400 are projected.
Ethereum sees phenomenal Outflow!
The fundamentals of Ethereum’s on-chain continue to improve. According to data from IntoTheBlock, $1.2 billion in ETH was removed from the controlled exchange in just 24 hours on Thursday. In terms of Ethereum short-term outflows in a short period of time, this was a new high.
The last time ETH exchange outflows surpassed $1 billion, the ETH price skyrocketed by 60% in the following 30 days, according to the data provider. As a result, if this occurs again, Ethereum will trade at a new all-time high above $5,500, entering the price discovery zone.
In the 42 days since the hardfork, a total of 309,505 Ether worth over $1 billion has been burned. At the moment, the Ethereum burning rate is 5.05 ETH per minute. The daily average has been $26 million each day since the London hardfork.