By Hassan Mehmood (Saudi Arabia)
According to on-chain data, almost 26.81 million Ethereum is currently available over centralized cryptocurrency exchanges, which accounts for 23.7% of the total coin’s supply.
26.81 Million ETH over Exchanges
According to crypto analytics firm CryptoRank, the Ethereum amount on centralized exchanges has reached to 26.81million, and it represents 23.7% of Ethereum circulating supply. Of the total amount, crypto exchange Coinbase holds 8.52 million Eth and takes lead over other centralized cryptocurrency exchanges. Other crypto exchanges also held Ethereum’s supply in significant amounts, such as Bitfinex (5.27 million), Huobi (3.26 million), Binance (2.95 million), and Kraken (2.43 million).
There is a total of 113.3 million in circulation but the exchanges hold only 26.81 million ETH. It shows that there is a low amount which is held over crypto exchanges, but the maximum amount is held by personal wallets of traders and investors. People want to hold cryptocurrency in wallets rather than selling over crypto exchanges.
Ethereum’s Performance
In performance, the recent week has not proved so much bullish for the coin as compared to many other coins, which showed a great rally over the last seven-days, such as Bitcoin. At press time, the second-largest coin by market cap is exchanging hands at $390 and is struggling to make it support. It has claimed $390 after primary cryptocurrency jumped from $12,900 to $13,487 in a recent price increase. Per a technical viewpoint, if the coin sustains its position strong at $390, it could soon achieve $400.
Also read:In the last two weeks, bulls have tried many times to push Ethereum’s price high, but it is still a low performing coin. Crypto experts argue that the price rally of the top digital asset towards $14,000 can also drag Ethereum’s price value in an upward direction.
On the other hand, some are even purposing bearish pattern for Ethereum in the coming days. A crypto analyst shared a graph representing a strong support level. According to him, the price value would plunge to as low as $315. It would be a 20% drop in value if it plunges to $315 from the current level.
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