Ethereum price declined to the bottom point, especially with the downtrend that started on September 2. ETH is known to lose value much faster than Bitcoin and even see $ 310. Despite such a pessimistic picture, ETH took better advantage of the rise that started today and reached the level of $ 370 again.
In fact, there seems to be only one indicator of this fall and rise. The amount of ETH in crypto money exchanges has dropped to the lowest level in the last 6 months. This suggests that the descent to $ 310 was due to heavy sales on exchanges. The decrease in the amount of ETH in the exchanges to its lowest level in the last 6 months supports the rise seen today.
The Sales Pressure On Ethereum Is Over
In the statement published by blockchain analysis firm Glassnode, it was stated that the total amount of ETH in the reserves of leading exchanges decreased to 17,188,383,432.
Previous 6-month low of 17,194,714.099 ETH was observed on 07 September 2020
— glassnode alerts (@glassnodealerts) September 10, 2020
This is almost the same as the reserves in the stock markets during the downturn on March 12. Even though the Ethereum price has suffered a severe selling pressure as on March 12, it seems to have managed to escape without much damage.
Of course, the rise seen today should not be fake and ETH should continue on its way above $ 370. In this case, it can be said that the feared scenario for ETH is behind, at least for now. If ETH can continue this uptrend, $ 400 is likely to come soon.