{"id":441778,"date":"2022-05-04T15:54:05","date_gmt":"2022-05-04T12:54:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/"},"modified":"2022-05-04T15:54:05","modified_gmt":"2022-05-04T12:54:05","slug":"ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/","title":{"rendered":"# Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3b59b945d47\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3b59b945d47\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/#%E2%80%9D_Ethereum_eyes_mini_breakout_above_3K_as_Coinbase_ETH_outflows_hit_new_record_%E2%80%9C\" >&#8221; Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/#ETH_price_forming_falling_wedge\" >ETH price forming falling wedge<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/#Coinbase_ETH_outflows_hit_all-time_high\" >Coinbase ETH outflows hit all-time high<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-eyes-mini-breakout-above-3k-as-coinbase-eth-outflows-hit-new-record\/#Bearish_long-term_prospects\" >Bearish long-term prospects<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereum_eyes_mini_breakout_above_3K_as_Coinbase_ETH_outflows_hit_new_record_%E2%80%9C\"><\/span>&#8221; Ethereum eyes mini breakout above $3K as Coinbase ETH outflows hit new record &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Ethereum&#8217;s native token Ether (ETH) is poised for a mini bull run above $3,000 primarily due to a classic bullish reversal pattern on its shorter-timeframe chart, and a huge spike in ETH outflows from Coinbase.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_price_forming_falling_wedge\"><\/span>ETH price forming falling wedge<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ETH&#8217;s price has been forming a falling wedge\u00a0pattern since late March 2022, which raises its prospects of undergoing a breakout move in May.<\/p>\n<p>Falling wedges <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear when the price trends lower inside a range defined by two descending, contracting trendlines. <\/p>\n<p>As a rule of technical analysis, these wedges resolve after the price breaks out of their range to the upside and rises to a level at length equal to the maximum distance between the pattern&#8217;s upper and lower trendline when measured from the breakout point.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/deb2d97e-d2ed-4cab-94bb-119898cffccc.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring falling wedge setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The maximum falling wedge height is around $395. Suppose ETH&#8217;s price closes above $2,850, the potential breakout point, accompanied by an increase in trading volume, its likelihood of rising by another $395 (toward $3,150) will be higher.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coinbase_ETH_outflows_hit_all-time_high\"><\/span>Coinbase ETH outflows hit all-time high<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The interim upside outlook in the Ether market coincides with bullish on-chain data.<\/p>\n<p>Notably, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/eth\/chart\/exchange-flows\/exchange-outflow-total?exchange=coinbase&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=linear&amp;metricScale=linear&amp;chartStyle=column&amp;utm_source=telegram&amp;utm_medium=sns&amp;utm_campaign=nuggets&amp;utm_content=hochan\">number of ETH leaving Coinbase<\/a>, the second-largest crypto exchange by volume, reached its highest level on May 3, data from CryptoQuant shows.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> Coinbase Outflow hits an all-time-high<\/p>\n<p>Live Chart <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/PiITw2ZFf3\">https:\/\/t.co\/PiITw2ZFf3<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/tlFQndUhvQ\">pic.twitter.com\/tlFQndUhvQ<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/1521755254701780992?ref_src=twsrc%5Etfw\">May 4, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Simultaneously, the ETH balance on all the crypto exchanges fell on May 3 to its lowest level since August 2018, according to one of Glassnode&#8217;s on-chain metrics.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/a745a5f9-0709-4be2-90f4-c636f72ad4f0.png\"><figcaption style=\"text-align: center;\"><em>Ethereum balance on exchanges. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Both indicators imply a surge in traders&#8217; preference to hold Ethereum tokens over trading them for other assets. <\/p>\n<p>They also coincide with a recent recovery in the upside sentiment of small Ether traders, namely an increase in the number of addresses that have a minimum balance of 0.1 ETH, 1 ETH and 10 ETH.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/2121d57a-ffc0-4c99-84af-0f7813b1032c.jpg\"><figcaption style=\"text-align: center;\"><em>Ethereum number of addresses with balance\u00a0\u2265 0.1 ETH, 1 ETH, and 10 ETH. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>The Ethereum balances tick higher across the retail addresses as Ether&#8217;s price trends lower, indicating that traders have been buying ETH at local lows. That further supports the falling wedge&#8217;s bullish reversal setup.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bearish_long-term_prospects\"><\/span>Bearish long-term prospects<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ether&#8217;s likelihood of crossing the $3,000-level has not plucked it out of its prevailing, long-term bearish setup, however.\u00a0<\/p>\n<p>As Cointelegraph covered earlier, ETH risks breaking below its ascending triangle range in Q2\/2022 with its downside target sitting anywhere between $1,820 and around $2,670, depending on the breakout point.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/568c8688-45c6-494f-bc57-55e1ab727c6f.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD daily price chart featuring &#8216;ascending triangle&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Additional downside cues come from\u00a0macro fronts, with Ethereum \u2014 like its top rival Bitcoin (BTC) \u2014 still holding its positive correlation with U.S. stocks in a sign that it would tail the traditional markets downward due to a common factor: a hawkish Federal Reserve.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/a4f016eb-3fbd-4156-a515-b359d71f83d8.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD and S&amp;P500 correlation coefficient. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The U.S. central bank will release a policy statement on May 4 at 2 pm EST, followed by chairman Jerome Powell&#8217;s press conference at 2:30 pm EST. Officials have signaled that they would increase benchmark rates by 0.5% and approve plans to unwind their $9-trillion asset portfolio.<\/p>\n<p><strong><em>Related:\u00a0Smart money is accumulating ETH even as traders warn of a drop to $2.4K<\/em><\/strong><\/p>\n<p>Researchers from\u00a0Strategas Research Partners and Morgan Stanley anticipate that the U.S. benchmark index, the S&amp;P 500, will decline by another 15-16% into 2022, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-03\/big-stock-bears-say-s-p-500-bottom-still-another-700-points-away\">reports<\/a> Bloomberg. As a result of its consistent positive correlation, ETH also faces similar downside prospects this year.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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ETH price forming falling wedge&#8230;<\/p>\n","protected":false},"author":1,"featured_media":441779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMTQ4N2RiODEtOWM4OS00M2ZlLWE0YTQtN2VjMTVkYjIwYWYwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88119,74956,74863,81262,82402,74891,75326,74938,74939,78261,73785],"class_list":["post-441778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin-watch","tag-coinbase","tag-cryptocurrencies","tag-cryptomarket","tag-ether-price","tag-ethereum","tag-ethereum-2-0","tag-ethereum-price","tag-market-analysis","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=441778"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/441778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/441779"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=441778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=441778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=441778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}