Outflows Continue to Be the Order of the Day as Ethereum Crosses $3,300

1648511283 eth

Ethereum has now cemented its position above the hard-fought $3,000 level. This signals another bull rally for the digital asset, given how the market has reacted to the recent surge. More money is pouring into the digital asset every day as investors clamor to participate in the profits. This is evidenced by the inflows and outflows on the stock market, which show a clear buying and accumulating trend of these investors.

Ethereum outflows growing

For the past week, Ethereum, like its Bitcoin counterpart, has been in an outflow trend. This trend caused more of the digital assets to leave the exchanges than come in. Glassnode Alerts makes daily reports on exchange inflows and outflows, showing that Ethereum investors are choosing to remove their coins from exchanges, presumably to more secure, personal wallets.

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In the span of a week, the daily currency outflows were consistently higher than inflows. In all, there was a total of $5 billion worth of Ethereum that moved to exchanges in one week. Compared to this is the outflow, which came in at $6 billion in total outflows. This translates into 20% more ETH leaving exchanges than moving to be oversold.

It shows that investors have been accumulating their tokens in the past week. Recently, however, there has been a break in this series. When markets opened on Monday, ETH has seen this accumulation trend reverse.

Glassnode Alerts reported in the early hours of Monday that exchange inflows had surpassed those outflows. On the daily chart, exchanges saw $441 million of ETH flow in while only $418 million of ETH flowed out, recording a net flow of +$22.8 million.

There’s no telling if this is the new trend as it’s too early to tell. However, this makes sense as investors who have held during the consolidation period want to realize some gains as the price has risen significantly.

ETH in the charts

As expected, Ethereum had one of the best runs of the weekend rally. The digital asset that struggled to keep above $3,000 finally got the boost it needed to shed the bears’ impact. This pushed it high with a soft landing above $3,300.

ETH Breaks Above $3,300 | Source: ETHUSD on TradingView.com

With this recent move, short-term trends for digital assets have all turned bullish. Buying pressure on investors has risen to 92% as the cryptocurrency prepares to test the next significant resistance above USD 3,500.

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At the time of writing, Ethereum is trading at $3,324 with a market cap of nearly $400 billion.

Featured image of Admiral Markets, chart from TradingView.com

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