Ethereum Exchange Exodus Deepens: $380M Withdrawn As Crucial Support Level Emerges
Ethereum has rebounded to $1,847 after dipping below $1,750, with price fluctuations between $1,740 and $1,847 over the past week. Over $380 million worth of Ethereum was withdrawn from centralized exchanges, indicating a trend of accumulation among investors moving assets into self-custody. This trend reflects long-term conviction and has resulted in five consecutive days of negative netflows across 19 exchanges. The last positive inflow occurred on April 27, with $50 million worth of ETH. A crucial support level for Ethereum is identified at $1,770, where approximately 4.5 million addresses hold 6.36 million ETH. Sustaining above this level may lead to further upward movement, while a drop below could trigger downside volatility. Ethereum is currently trading at $1,845, up 1% in the past 24 hours, with the next resistance target at $1,881.
