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


26.81 million Ethereum is held on centralized exchangesThis is 23.7% of Ethereum’s circulating supplyMajority of the ETH is held at Coinbase, Bitfinex and HuobiEthereum 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.

The team at CryptoRank Platform shared this data via the following tweet.

According to @viewbasecom, currently 26,81M #Ethereum or about 23.7% of its circulating supply is held on centralized exchanges:#Coinbase – 8.52m ETH#Bitfinex – 5.27m ETH#Huobi – 3.26m ETH#Binance – 2.95m ETH#Kraken – 2.43m ETH

— CryptoRank Platfrom (@CryptoRank_io) October 29, 2020

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.

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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.

Ethereum Held on Exchanges Hits 26.8M ETH, 23.7% of Circulating Supply 17

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 sellingThe daily MACD is about to cross in a bearish manner above the baselineThe daily MFI and RSI point towards a correction for Ethereum at a value of 60 and 54 respectivelyHowever, 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 momentumThe 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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