coinfomania.com
Ethereum, the second-largest cryptocurrency by market cap, has continued to witness massive outflows from exchanges after flipping its $3,000 price resistance. The coin has been making several attempts to break the resistance since March 2.
Massive Outflow of ETH Within a Day
Over 151,000 ETHs were withdrawn from different cryptocurrency exchanges on Tuesday, according to recent data shared on Wednesday by cryptocurrency market analytics platform IntoTheBlock.
Source: IntoTheBlock
As at the time the data was shared, Ethereum was worth $2,954.24. This means that around $446.1 million worth of ETH was withdrawn from various cryptocurrency platforms within a single day.
While the crypto asset had experienced a high level of outflow earlier this year, there is a likelihood that Ether’s current price will see an increase soon, as there has been a case where Ethereum’s price saw a 15% increase just 10 days after a massive outflow occurred during October 2021.
In a previous analysis made on Ethereum’s price movement, the cryptocurrency has seen a recent increase in its price.
Earlier this month, the leading altcoin dipped below $3,000. Since then, ETH has not been able to surge above the mark for weeks. However, yesterday saw it flipping the resistance of $3000.
In February, Ethereum became the 24th-largest asset in the world, despite the major price decline in the general cryptocurrency market.
The development put ETH ahead of top institutions such as Bank of America, Chevron, and American payment services provider MasterCard, amid other top companies.
Crypto Industry Keeps Growing
The cryptocurrency industry as a whole has continued to witness an increase in adoption as new trends such as non-fungible tokens (NFTs) and the metaverse are being introduced.
Various large organizations continue to invest heavily in the crypto industry as they see the potential in the space. The entrance of these institutional investors is driving mainstream attention to the crypto space.