Exchange data remains public. optimistic feelings From an Ethereum trader. According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from cryptocurrency exchanges last week, indicating a holding mentality among investors. Large outflows of ETH from exchanges may indicate that traders are anticipating higher prices and are moving their holdings to personal wallets for long-term storage.
A holding attitude emerged. wider spikes Cryptocurrency prices across the market and a lot of demand for Ethereum are above $4,000.
Ethereum Witnesses Massive Exodus from Exchanges
data exchange It helps provide an overview of the supply and demand dynamics of crypto assets in general. A decreasing supply of an asset on an exchange indicates that holders have a long-term perspective.
In this context, data exchange IntoTheBlock’s report on Ethereum revealed dynamics leaning towards the demand side, with investors increasing their accumulation of the industry’s second-largest cryptocurrency since the start of the year.
What’s more important is the leak. Ethereum A total of $906 million was leaked from the exchange last week, marking the eighth straight week of outflows.
$906 million $ETH This week marked the second largest net outflow of cryptocurrency assets leaving exchanges for the eighth straight week. pic.twitter.com/v7VuqFUSCf
— IntoTheBlock (@intotheblock) March 1, 2024
This outflow pattern is Comparable Exchange Metrics From CryptoQuant. Since January 10, Ethereum’s total exchange reserves have decreased by more than 1 million ETH, currently reaching 13.7 million ETH.
Total crypto market cap is currently at $2.272 trillion. Chart: TradingView.com
What’s next for Ethereum?
The massive outflow from the exchange can be attributed to the Ethereum bulls that are trying to push the cryptocurrency to new highs. Ethereum is continuous upward trend over the past few months surpass Most altcoins.
As of this writing, the cryptocurrency is trading at $3,392, up 46% in the last 30 days. Rather, the increasing outflows on exchanges are a sign of a continued upward trend, and ETH is now on its way to reaching the $3,500 level again. A brief crossover On February 29th.
This optimistic behavior has led investors to expect Ethereum broke the $4,000 mark again, heading towards an all-time high of $4,878. ETH price is poised to rise as supply on exchanges decreases. A breach of the $4,000 level appears imminent, and from there it could quickly rise to $4,900.
Cryptocurrency analyst known as Trader Alan pointed out The recent price action has seen Ethereum complete a bullish breakout and retest it on the monthly chart. According to the price chart shared by the analyst, a strong bullish movement could allow ETH to reach $7,000 by the end of 2024 and exceed $10,000 and $15,000 in the next few years.
Featured image from Pexels, chart from TradingView
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