Crypto analyst and trader Ali Martinez said hundreds of thousands of Ethereum (ETH) are leaving cryptocurrency exchanges as holders accumulate the native asset of the leading smart contract protocol.
Martinez says A 43,400 follower on social media platform
“Over the past three weeks, nearly 510,000 ETH has been withdrawn from known cryptocurrency exchange wallets, with a total value of approximately $1.22 billion!
These significant outflows indicate strength. Ethereum This reduces holder sentiment and potentially selling pressure in the market.“
The amount of Ethereum on exchanges reached a recent high of 14.4 million in December, but appears to have fallen below 13.65 million by the end of January, according to a chart citing data from cryptocurrency analytics platform Glassnode.
At the time of writing, Ethereum is trading at $2,316.
Next is Cardano (ADA), Ethereum’s rival. If history repeats itself and Cardano mimics the price action of late 2020, it will likely become the ninth-largest cryptocurrency asset by market capitalization, according to Martinez. start The next market expansion will occur in the coming months.
“If the patterns match and Cardano mirrors the price trends of late 2020, we can expect ADA to remain in a consolidation phase until April 2024, setting the stage for the next upward rally!”
Cardano is trading at $0.496 at the time of this writing.
Martinez also gives his opinion on the top meme cryptocurrency asset, Dogecoin (DOGE). analyst Called DOGE appears to be trading in a tight range on the 4-hour chart based on Bollinger Bands, an indicator used by traders to identify potential periods of increased volatility.
According to the trader, it is only a matter of time before Dogecoin makes a big move, although he did not specify a directional bias.
“The Bollinger Bands on the Dogecoin 4-hour chart are experiencing the most severe pressure since October 2023, signaling an imminent spike in DOGE price volatility.”
Dogecoin is trading at $0.0783 at the time of this writing.
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