$906M Worth Of Ethereum Leave Exchanges Last Week

Continuation revealed by currency data bullish emotions From Ethereum Trader. According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from crypto exchanges last week, showing investors’ holding sentiment. A large outflow of ETH from this exchange could indicate that traders are anticipating a rise in prices and are moving their holdings to private wallets for long-term storage.

The hold posture emerged wide spikes The price of cryptocurrencies across the market and many demands for Ethereum is above $4,000.

Massive leak from Ethereum exchange

exchange data It usually helps you get an overview of the demand and supply dynamics of crypto assets. When the supply of an asset decreases on an exchange, it indicates that holders are taking a long-term view.

In this flow, exchange data IntoTheBlock’s article on Ethereum shows that the dynamics are tilting towards the demand side, as investors have increased their accumulation of the industry’s second-largest cryptocurrency since the beginning of the year.

More importantly, Ethereum Fund outflows from exchanges last week totaled $906 million, marking the eighth consecutive week of outflows.

This outflow pattern was reconfirmed by a study. Comparable exchange indicators With CryptoQuant. Since January 10th, the total amount of Ethereum in foreign exchange reserves has decreased by more than 1 million ETH and now stands at 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 exchanges can be attributed to Ethereum bulls trying to push the cryptocurrency to new highs.Ethereum is sustained upward trend in the last few months excellent Most of the altcoins.

At the time of writing, the cryptocurrency is trading at $3,392, up 46% in the past 30 days. If anything, the increase in exchange outflows is a signal that the uptrend will continue, with ETH now trying to reach the $3,500 level again after a brief decline. short crossover February 29th.

This bullish action has prompted investors to look forward to Ethereum re-entered $4,000 on its way to an all-time high of $4,878. The price of ETH tends to rise as the supply on exchanges is decreasing. A breakout of the $4,000 level seems imminent, and a quick rally to $4,900 is possible from there.

Cryptocurrency analyst known as Trader Alan It pointed out Recent price action shows Ethereum completing a bullish breakout and retest on the monthly chart. According to price charts shared by analysts, a strong bullish move could see ETH reach $7,000 by the end of 2024 and cross $10,000 and $15,000 in the coming years.

Featured images from Pexels, charts from TradingView

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