Ethereum Held on Exchanges Hits 26.8M ETH, 23.7% of Circulating Supply

John P. Njui   •   ETHEREUM (ETH) NEWS   •   OCTOBER 29, 2020

Summary:

• 26.81 million Ethereum is held on centralized exchanges
• This is 23.7% of Ethereum’s circulating supply
• Majority of the ETH is held at Coinbase, Bitfinex and Huobi
• Ethereum is once again above $390 and looking ready to attempt $400 once again

The amount of Ethereum held on centralized exchanges currently stands at 26.81 million ETH. This is according to data from CryptoRank Platform. This amount is also 23.7% of Ethereum’s circulating supply. Of this amount, the majority of the Ethereum is held on Coinbase (8.52 million ETH), Bitfinex (5.27 million ETH) and Huobi (3.26 million ETH). Binance and Kraken wallets currently hold 2.95 million ETH and 2.43 million ETH respectively.

Ethereum is Once Again Trading Above $390 and Could Retest $400

In terms of the current value of Ethereum, ETH is once again attempting to claim the $390 resistance area as support. At the time of writing, Ethereum is trading exactly at $390 amidst the Bitcoin revival that has seen the King of Crypto bounce back from $12,900 levels to $13,487.

The bullishness of Bitcoin is one reason Ethereum could just turn the $390 price area into support and possibly attempt $400 in the days ahead. This is despite the fact that the daily ETH/USDT chart clearly hints of a correction for Ethereum. If Bitcoin can retest its recent high of $13,869, Ethereum might once again trade above $400.

(Click image for larger view)

Taking a closer look at the daily ETH/USDT chart above, the following can be observed.

• Trade volume is in the red but hinting at a reduction in selling
• The daily MACD is about to cross in a bearish manner above the baseline
• The daily MFI and RSI point towards a correction for Ethereum at a value of 60 and 54 respectively
• However, Ethereum’s price is above the 50, 100 and 200-day moving averages further foreshadowing a push up for Ethereum based on Bitcoin’s market momentum
• The 50-day and 100-day MAs provide considerable support at the $380 price area

As with all analyses of Ethereum, traders and investors are advised to have an eye out for any Bitcoin moves that might ruin the party. Additionally, stop losses are advised given the fact that Bitcoin tends to ‘suck the capital’ from Ethereum and alts whenever it pumps hard.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe