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Ethereum Price Rebound Likely as 1.09M ETH Leaves Exchange Amid Oversold Conditions

Ethereum Price Rebound Likely as 1.09M ETH Leaves Exchange Amid Oversold Conditions

Over the past nine days, roughly 1.09 million Ethereum (ETH) have exited centralized exchanges. Ethereum price trades around $2,600, making the recent outflow worth $2.9 billion. Moreover, the RSI of ETH/BTC has hit oversold on the monthly time frame for the first time. These signs, and many more, suggest that the downtrend will end, and a recovery rally will begin.