Recent Tweet suggest that a large amount of Ethereum has left exchange wallets within past few days
Ethereum (ETH), the second largest cryptocurrency by market capitalization, witnessed a constant decline in the exchange supply over the past few sessions. Further, an analyst on twitter updated about 310,000 ETH has exited exchanges in the past 48 hours.
As per on-chain data shared by the crypto analytic group Santiment, the amount of available ETH sitting on exchanges continues to fall. A relevant on-chain indicator “ETH supply on exchanges” , a measurement of the current total amount of the Ethereum supply stored in the wallets of all centralized exchanges.
With the rise in the value of the indicator means ETH is being transferred into the wallets of these platforms right now.
The Ethereum supply on exchanges plunged earlier in the month while ETH price dropped below the $1,400 level. With the outflows from the exchanges, the Ethereum price stopped its decline and found some interim support.
In the last few sessions , Ethereum has maintained relatively high levels of $1,700 and above $,800, however, during the past 48 hours, the supply on exchanges has drastically fallen. In the process, about 310,000 ETH was transferred from the exchanges. This could mean accumulation in the ETH prices near the current levels.
