Ethereum (ETH) is down over 2% on Tuesday following an indication of selling pressure due to an uptick in its exchange reserve.
Ethereum 's exchange reserve increased by 163K ETH in the past five days. Ethereum has added over 4 million new holders in the past three months. Ethereum could bounce near $2,400 support after moving average resistance. Ethereum is down over 2% on Tuesday following an indication of selling pressure due to an uptick in its exchange reserve. However, other on-chain metrics indicate mixed investor sentiment amid ETH's price consolidation.
As a result, ETH is attempting a move downward within a key rectangle with support and resistance levelsat $2,400 and$2,817, resepectively. ETH/USDT 4-hour chart ETH may bounce around the $2,400 support level and stage another move up, but only after potentially liquidating positions worth $40.8 million at the $2,424 level, per Coinglass data. A move outside the key rectangle will likely determine ETH's next price trend. A breach of the $2,400 support level could send ETH toward $2,111.
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