Ethereum remains under pressure at press time, looking at the formation in the daily chart. In summary, ETH is stable on the last day but down 9% in the last week of trading. Of note, there has been a drastic drop in trading volume over the past few days.
Overall, traders are upbeat, expecting prices to turn around and rip higher, clearing immediate local resistances. Even as this develops, on-chain data points to other developments that leverage traders should closely monitor.
Over 40,000 ETH Moved From Derivatives Exchanges
According to one analyst, citing CryptoQuant data, there have been more outflows from derivative exchanges over the past few trading weeks. Specifically, the analyst observes that over 40,000 ETH have been moved from derivatives trading platforms like Binance and OKX.
From a trading standpoint, whenever there is a spike in outflows from derivatives to spot exchanges, it could suggest that traders are cautious and waiting for clearer definitions before
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