600,000 Ethereum have been withdrawn from exchanges in the past seven days – how will this affect Ethereum?
Ethereum is stabilizing around the $2000 level.
The daily trading volume of Ethereum has increased by more than 120%.
The market has seen a liquidation of Ethereum worth over $108 million.
The cryptocurrency market has taken a significant hit, as it has bled over the past few days, pulling the total market cap down to $2.69 trillion. Leading cryptocurrencies are feeling the heat, with Ethereum showing increasing weakness.
Despite multiple attempts, the largest altcoin, Ethereum, remains under bearish pressure and is lagging behind in breaking through critical resistances. Ethereum's technical indicators confirm the ongoing bearish trend.
Ethereum has dropped by more than 5.41%, raising concerns about further price volatility. In the early hours of the morning, the altcoin was trading at $2194. As bears gained more control over Ethereum, they pulled the price down to an unexpected range of $1991.
As of this writing, Ethereum is trading at $2066, with its daily trading volume reaching $21.56 billion. Notably, the market has experienced a liquidation of $108.00 million of Ethereum during this period.
