Exchange data has revealed below. bullish sentiment from ethereum traders. According to IntoTheBlock, $906 million worth of ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors. This mass exodus of eth from exchanges could indicate that traders are anticipating higher prices and moving their holdings to private wallets for long-term storage.
The retention attitude has emerged in the midst of a eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” target=”_blank” rel=”nofollow”>wider beak in the price of cryptocurrencies across the market and numerous demands for ethereum to surpass $4,000 and higher.
ethereum sees mass exodus from exchanges
eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” target=”_blank” rel=”nofollow”>Exchange data It usually helps provide an overview of the supply and demand dynamics of cryptoassets. When the supply of an asset decreases on the stock exchanges, it indicates that the holders have a long-term vision.
In this vein, eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” target=”_blank” rel=”nofollow”>exchange data of IntoTheBlock on ethereum has shown that the momentum is 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, the outputs of eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” target=”_blank” rel=”nofollow”>ethereum The stock markets totaled $906 million last week, marking eight consecutive weeks of capital outflows.
906 million dollars $eth left exchanges this week, making it the eighth consecutive week of net outflows for the second-largest crypto asset pic.twitter.com/v7VuqFUSCf
– IntoTheBlock (@intotheblock) March 1, 2024
This output pattern has been reaffirmed by a eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line” target=”_blank” rel=”nofollow”>comparable exchange metric at CryptoQuant. Since January 10, the total amount of ethereum in currency reserves has decreased by more than 1 million eth, and currently 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 looking to take the crypto to new highs. ethereum has gone on a sustained uptrend in recent months to get over most altcoins.
At the time of writing, the cryptocurrency is trading at $3,392, an increase of 46% in the last 30 days. If anything, the increase in exchange outflows is a sign of a continued bullish trend and eth is now on track to reach the $3,500 mark again after a brief crossing on February 29.
The bullish action has led investors to wait ethereum breaking $4,000 again towards its all-time high of $4,878. With supply on exchanges decreasing, the price of eth is poised to rise. A break of the $4,000 level appears imminent and from there, a rally towards $4,900 could quickly follow.
A crypto analyst known as Trader Alan he pointed That recent price action has seen ethereum perfect a bullish breakout and retest on the monthly chart. According to the price chart shared by the analyst, a strong bullish move could see eth reach $7,000 by the end of 2024, as well as surpassing $10,000 and $15,000 in the coming years.
Featured image from Pexels, chart from TradingView
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