Ethereum supply on exchanges diminish to 11.8%

According to the current data from IntoTheBlock, Ethereum recorded 7 days of consecutive outflows from exchanges as holders decided to hold onto their positions rather than selling them, which might be a strong positive signal for the market. 

Ethereum supply on exchanges is on a downward trend. Over 327,000 ETH left exchanges since Feb 22nd. Source: IntoTheBlock

Exchanges now hold 11.8% of Ethereum’s circulating supply. In the past, lower supply on exchanges caused strong upward moves. Recently Ethereum tested key resistance at $3,000 and posted double-digit gains this week. 

Ethereum price is testing psychological resistance at $3000. Should break higher occur, upward move may accelerate towards resistance at $3200 which coincides with 38.2% Fibonacci retracement of the last downward correction. On the other hand, if sellers manage to regain control, local support at $2800 may be at risk. Source: xStation5