Analytics firm CryptoQuant has highlighted the importance of tracking Ethereum (ETH) reserves on the BitMEX exchange as a potential indicator of future price movements. The “exchange reserve” is an on-chain metric tracking the total amount of ETH in centralized exchange wallets. When BitMEX reserves increase, it signals net deposits by investors, often indicating an intention […]
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- Monitoring BitMEX Ethereum reserves helps predict potential price trends based on investor deposit and withdrawal behaviors.
- Analysts examine Ethereum’s support levels and potential price reversals, highlighting two possible scenarios for future movements.
- Historical volume increases in resistance areas present challenges for Ethereum’s price breakthrough, affecting future trends.
Analytics firm CryptoQuant has highlighted the importance of tracking Ethereum (ETH) reserves on the BitMEX exchange as a potential indicator of future price movements.
The “exchange reserve” is an on-chain metric tracking the total amount of ETH in centralized exchange wallets.
The importance of Bitmex exchange #ETH reserves
“When Bitmex #Ethereum whales buy through Bitmex, we observe a decrease in reserves. Conversely, when they sell, we see an increase in Bitmex reserves.” – By @BlitzzTrading
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https://t.co/HmGHyHB6fF pic.twitter.com/55DMHP1eKz
— CryptoQuant.com (@cryptoquant_com) June 27, 2024
When BitMEX reserves increase, it signals net deposits by investors, often indicating an intention to sell and potentially suggesting bearish implications for Ether…
The post CryptoQuant’s Insights on Ethereum: A Must-Read for Traders and Investors appeared first on Coin Edition.
