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Ethereum looks like it’s about to explode when 400,000 ETH leaves Coinbase

The string data shows that the Coinbase crypto switch took a 400,000 Ethereum pullback yesterday. This could be a sign of institutional investor activity and could result in a bullish currency.

Coinbase sees 400,000 ETH outputs

As reported in a CryptoQuant article, around 400,000 ETH (1.5 billion at the current exchange rate) were taken out of the Coinbase crypto swap yesterday.

The indicator used here is the Ethereum Outflow, which shows the total number of coins that come out of the stock exchange wallets.

When the metric shows a large increase, it means that a large amount of ETH has been removed from the exchange. Investors often withdraw many currencies to store or sell them through over-the-counter contracts.

Therefore, steady exits could mean that there is buying pressure in the market and investors are bullish on Ethereum.

Here is what the indicator chart looks like for the Coinbase encryption switch:

ETH exit showed big bullishness yesterday | Source: CryptoQuant

As the chart above shows, the Coinbase cryptocurrency exchange peaked at 400,000 Ethereum in outflows yesterday.

These large outflows could be a sign of activity on the part of institutional investors, as normal holders certainly won’t have as many currencies to move.

Related reading | Crypto Only: Crescent Lists Potential High Drivers for Bitcoin and Ethereum in Q4 2021

Institutional investors optimistic about ETH could mean big things for cryptocurrencies. If ETH is to take the next step, it will need a lot of money, which often means that whales, as well as institutional investors, need to get involved.

As these exits already indicate that institutional investors are pulling their currencies off the stock exchanges to possibly bail them out, the outlook for ETH looks optimistic.

Ethereum Price

As of this writing, the price of ETH is around $59.9K, a 9% increase over the past seven days. Over the past thirty days, encryption has accumulated 25% profit.

The following chart shows the currency price trend over the last five days:

ETH price rises to approach $4,000 bar | Source: ETHUSD on TradingView

ETH has given a big boost in recent days as the currency now approaches a test of the $4,000 mark. At the moment, it is unclear whether ETH can maintain that momentum and soon reach a new all-time high (ATH), or if it will fail again.

Related reading | TA: Ethereum follows Bitcoin, why ETH could go up to $4K

If exits are something to cross, the general sentiment appears to be bullish and institutional investors who get involved can help with the huge price that drives cryptocurrencies to break major resistance lines.

Ethereum: 7,000% increase until 2022 if history repeats itself

Bitcoin’s jump to $55.3K filled the market with euphoria, partially eclipsing Ethereum’s 5% gains in two days. As the main altcoin moved more slowly to the north, the expectation of a slow and steady rally grew in the market.

Ethereum, at the time of printing, was trading at $3,540, with daily gains of 1.23% versus gains of 5.73% for BTC. However, there were signs that history was repeating itself. So it seemed likely that ETH’s price would skyrocket on the charts.
Ethereum Fractal May Raise Prices

Fractals are useful indicators to identify turning points in the market. They are often used to identify the direction the price will move. Interestingly, Ethereum saw a fractal indicator in 2017 that included four technical patterns that increased the price of ETH by 7,000%.

The pseudonym analyst Jaydee_757 first saw the Etherum fractal and pointed out that the same set of bullish indicators flashed again in 2021.

In 2017, a bullish auction price structure pushed ETH’s monthly RSI into an extreme overbought zone above 94. This triggered a short-term sideways consolidation, lowered the RSI reading and, in turn, a correction in the Stochastic RSI.

However, in late 2017, the Stochastic RSI passed and became bullish with its blue line crossing the saffron line. This crossing between the %K and %D lines further reinforced the bullish search, giving way to 5x gains.

By January 2018, the value of altcoin had risen another 500%, closing above $1,200. It coincided with the RSI, forming a double top.

In particular, Ethereum seemed to reflect the same fractal movements as 2017 when it entered the fourth quarter of 2021. A strange similarity can be seen in the 2017 and 2021 RSI structures, as they both experienced a double top and are oversold in the market. . monthly chart.

After the bullish hammer blow, the price of ETH increased 70 times in just six months. In the longer term, the alt rose 3,400% to hit $4,300, 16 months after painting a bullish RSI crossover.
This is what the metrics tell us

Ethereum’s NVT index reached its highest value since February 2020 on October 4th. These high NVT values indicate that the network value exceeded the value transferred to the network.

While this often involves a price bubble, in the case of ETH it can represent legitimate stages of growth.