Ethereum: What $781M outflows in 7 days means for ETH’s prices

ETH was down by over 2%, and indicators looked bearish.has witnessed a considerable amount of outflow from exchanges over the last week. This happened while its price action was bullish.

However, the market turned bearish in the last 24 hours. Did this have a negative impact on ETH’s outflow?Ethereum’s price rested comfortably above the $3k mark as its price rallied by more than 6% in the last seven days. While that happened, investors stockpiled ETH, hinting that they expected the token’s price to rise further in the coming days.As per the tweet, crypto exchanges witnessed an outflow of over 260,000 ETH, equivalent to more than $781 million, within the past seven days.from Lookonchain, a wallet that possibly belongs to Sun withdrew 15,389 ETH, worth $49.78 million, from Binance again.However, the last 24 hours witnessed a change in market sentiment as most cryptos’ prices dropped.

The token’s exchange outflow declined in the last few days. Additionally, the fact that investors were selling Ethereum was further proven by its supply-on-exchange graph as it went up. Notably, the price decline didn’t affect whale accumulation. This seemed to be the case as ETH’s supply held by top addresses continued to rise last week.AMBCrypto then analyzed ETH’s derivatives metrics and technical indicators to see if the rise in selling pressure could further impact its price. The token’s Funding Rate increased.Generally, prices tend to move the other way than the Funding Rate. This movement suggested a continued price drop for ETH.Technical indicators also looked bearish.

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