Continued revelations of exchange data bullish sentiment Ethereum traders. According to IntoTheBlock $906 million in Ethereum was withdrawn last week from crypto exchanges, indicating a hold mentality among investors. This massive exodus could indicate traders who are anticipating higher price and move their holdings into personal wallets for long term storage.
There has been a rise in the holding attitude amongst a wider spike Ethereum’s price has been rising steadily and there are many demands that Ethereum should reach $4,000.
Ethereum Exchanges See Massive Departure
Exchange data It is possible to get a good overview of the dynamics of demand and supply for crypto assets. If the exchanges are seeing a decline in supply, this indicates that holders have a longer-term perspective.
This is the spirit of it. exchange data IntoTheBlock has revealed that investors are increasing their purchases of Ethereum, the second largest cryptocurrency in the industry. This trend began at the beginning of this year.
Outflows of Ethereum Last week, the total outflows from exchanges was $906 million. This marks eight consecutive weeks with an outflow.
906 M$ $ETH The second largest crypto asset, bitcoin, saw its eighth straight week of net outflows. pic.twitter.com/v7VuqFUSCf
— IntoTheBlock (@intotheblock) March 1, 2024
This pattern of outflow was reaffirmed by A comparable exchange metric CryptoQuant. Since January 10, the amount of Ethereum in exchange reserves has dropped by over 1 million ETH and currently stands at 13,7 million ETH.
The total crypto market capitalization is $2,272 trillion. Chart: TradingView.com
What is Next for Ethereum?
Ethereum bulls pushing the cryptocurrency to new highs is responsible for massive exchange outflows. Ethereum has been on a sustained upward trend In the last few months, outperform The majority of altcoins.
The crypto currently trades at $3,392, an increase of 46% over the last 30 days. If anything, this increase in the outflow of exchanges signals a continuation of the uptrend. ETH will soon reach the $3500 mark after a brief crossover On February 29,
The bullish trend has caused investors to become more aggressive. look forward Ethereum is on its way to a new all-time record high, $4,878. ETH’s price is set to increase due to the decreasing supply of ETH on exchanges. The $4,000 mark is likely to be breached soon, and then a rapid rise up to $4,900 seems possible.
Trader Alan, a crypto-analyst pointed out Ethereum has been perfecting a bullish break-out and retest in recent price action. According to the analyst’s price chart, a bullish trend could push ETH up to $7,000 before the end of 2024. It may also reach $10,000 and $15,000 by then.
Chart from TradingView, Featured image by Pexels
Disclaimer: article It is intended solely for educational purposes. NewsBTC has no opinion about whether to purchase, sell or hold investments. Naturally, investing involves risks. It is recommended that you conduct your own research. own Do your research before making investment decisions. This website is for informational purposes only. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: www.newsbtc.com