ethereum is currently hovering around $2,200 and its price has seen quiet volatility over the past 7 days. New data from Santiment has revealed the current sentiment among ethereum whale addresses, as total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 eth have left 10 of the largest eth exchange wallets in the last 24 hours.
As a result, the cumulative amount of eth deposited on crypto exchanges fell from 8.03 million eth to 7.79 million eth in a single day, one of the largest ever seen. With the current price of eth hovering around $2,200, this represents a drop of over $528 million of eth in exchange balances.
ethereum exchange supply plummets
ethereum It is currently down 1.74% in the last 24 hours and is currently retesting its breakup level around $2200 which seems to have become support. However, the drastic drop in ethereum balances on exchanges is a very bullish sign for eth. With less eth available on exchanges, the supply is reduced.
eth whales have been on a buying spree since the beginning of the month as many expect a prolonged bull run at the dawn of the new year. Data of eth/deep-dive?group=exchanges&chart=all” rel=”nofollow”>In the block estimates a 98.52% increase in currency outflow volume in the last 30 days. Just last weekthe whales bought over 100,000 eth worth $230 million.
This sentiment continued this week, with 240,000 eth leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of the total ethereum supply is currently on exchanges, the lowest level ever.
How ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereumWith the market value just above $2,170, larger exchange wallets continue to move coins into smaller wallets or off exchanges altogether. 240K $eth has collectively moved out of these wallets in 24 hours, a 2.99% drop in held coins. https://t.co/Fw7lKcVZan pic.twitter.com/AMFPDL4BXp
– Sentiment (@santimentfeed) December 19, 2023
eth failed to break above the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, eth is now trading at $2,208. The price action suggests that the cryptocurrency has not yet gained strong traction among retail investors and a retest is underway.
According to crypto analyst Ali Martínez, ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout towards a target of $3,500.
ethereum?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#ethereum It is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a fresh rise.
The price range between $2,150 and $1,900 could be the ideal area for accumulation before eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#eth sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv
—Ali (@ali_charts) December 20, 2023
ethereum is up 82.67% this year and the outlook for 2024 remains bullish. According to crypto analyst Altcoin Daily, eth's journey to $10,000 ethereum-to-10000-programmed/” rel=”nofollow”>seems safe at the momentearring ethereum-spot-etf/” rel=”nofollow”>ethereum Spot ETF an important catalyst for this price growth.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/R438AsnB/" alt="Tradingview.com ethereum Price Chart” width=”3266″ height=”1530″ loading=”lazy”/>
eth bulls continue to maintain control | Source: ETHUSD on Tradingview.com
Featured image from Cointribune, chart from Tradingview.com
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