Ethereum

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Daily

In the past week, the market actions in the Ethereum ecosystem have been intriguing, puzzling market analysts and investors.&nbsp;
On Wednesday, October 4, about 110,000 ETH, valued at $181 million, were withdrawn from crypto exchanges, marking the most significant daily outflow of ETH from exchanges since August 21. The supply of ETH available on exchanges is currently at its lowest point in nearly 5.5 years.&nbsp;
Furthermore, market intelligence platform <a style="color: #0000ff;" href="https://twitter.com/santimentfeed/status/1709743778817540311?t=Bt--sOVFS2pQqivlU0p0kg&amp;s=19" rel="noopener noreferrer nofollow">Santiment</a> reported that the amount of ETH stored in wallets outside of exchange platforms has reached an all-time high of 115.88 million ETH.
<blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f911.png" alt="🤑" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> had its largest volume spike Monday, hours after crossing above $28.4K for the first time since mid-August. And following suit, traders just created a similar volume spike for <a href="https://twitter.com/hashtag/XRPLedger?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#XRPLedger</a> &amp; <a href="https://twitter.com/hashtag/Polygon?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Polygon</a> after their surges. <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#FOMO</a> is high right now. <a href="https://t.co/YXIxF618Cg" rel="noopener noreferrer nofollow">https://t.co/YXIxF618Cg</a> <a href="https://t.co/5n52qnEig1" rel="noopener noreferrer nofollow">pic.twitter.com/5n52qnEig1</a>
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1709793732776829319?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 5, 2023</a>
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These developments may be contributing to ETH’s resilience, as it has managed to record a slight 0.20% increase over the past 24 hours, bringing it to $1,643.21 at the time of writing, just above its daily low of $1,642.62.&nbsp;
<figure id="attachment_11318" aria-describedby="caption-attachment-11318" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" loading="lazy" class="size-full wp-image-11318" src="https://defi-planet.com/wp-content/uploads/2023/10/ETH.jpg" alt="ETH price action" width="512" height="472" srcset="https://defi-planet.com/wp-content/uploads/2023/10/ETH.jpg 512w, https://defi-planet.com/wp-content/uploads/2023/10/ETH-300x277.jpg 300w" sizes="(max-width: 512px) 100vw, 512px">
 <figcaption id="caption-attachment-11318" class="wp-caption-text">
 Source: <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Coinmarketcap</a>
 </figcaption>
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<h2 id="span-style-font-weight-400-market-sentiment-on-ethereum-span">Market Sentiment on Ethereum&nbsp;</h2>
Cryptocurrencies, including Ethereum, are influenced by market sentiment. Currently, there’s a cautious sentiment as people question if the market is recovering or just having a temporary bear market rally. Some traders are waiting for clearer signals.
<a href="https://twitter.com/CredibleCrypto/status/1707441517944623469?t=mEmsjivfbNvmEo7zd-0Qcw&amp;s=19" rel="noopener noreferrer nofollow">CrediBULL Crypto</a> is optimistic about the future of ETH and anticipates a price surge in the last quarter of 2023. This optimism is based on recent positive developments in the crypto market, including the approval of the ETH Futures ETF, which CrediBULL confirmed in response to a user’s post on X.&nbsp;
Despite acknowledging a potential short-term bearish market, CrediBULL maintains a bullish outlook on ETH, believing it could be one of the first altcoins to rise alongside Bitcoin if the latter pumps significantly.&nbsp;
<blockquote class="twitter-tweet">
 While I haven’t commented on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> in a while because my focus right now is <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> (as I expect it to lead), I think it’s worth pointing out that on this latest dip we hit the HTF zone that I previously said would be a “fantastic buy” if we get there back in May- and my opinion on… <a href="https://t.co/I6g1Tl0Z8F" rel="noopener noreferrer nofollow">https://t.co/I6g1Tl0Z8F</a> <a href="https://t.co/hMyZcskJQL" rel="noopener noreferrer nofollow">pic.twitter.com/hMyZcskJQL</a>
 — CrediBULL Crypto (@CredibleCrypto) <a href="https://twitter.com/CredibleCrypto/status/1693811053149450275?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2023</a>
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CrediBULL <a style="color: #0000ff;" href="https://twitter.com/CredibleCrypto/status/1693811053149450275?t=FIk46Yp2muaV_Mnu4t2SRw&amp;s=19" rel="noopener noreferrer nofollow">said; </a>
<blockquote>
 “I want to be clear- while I am bearish on ETH/BTC in the short term (as I’ve said Im bearish on most ALT/BTC pairings in the short term) I am very bullish on ETH/USD and expect it to be one of the first alts that follows $ BTC’s lead to the upside.”
</blockquote>
However, after months of anticipation, the Ethereum (ETH) futures exchange-traded fund (ETF) had a disappointing start. The US Securities and Exchange Commission (SEC) approved nine ETFs to follow ETH futures contracts after regulatory discussions.&nbsp;
However, according to <a style="color: #0000ff;" href="https://twitter.com/Pledditor/status/1708999467519664438?t=K2sZL7sYvDpOOa4XonSMQw&amp;s=19" rel="noopener noreferrer nofollow">Pledditor</a>, the initial excitement faded as the nine ETFs didn’t reach $2 million in trading volume on their first day, in contrast to the buzz when the <a href="https://www.binance.com/en-NG/feed/post/699191" rel="noopener noreferrer nofollow">ProShares Bitcoin Strategy ETF (BITO)</a> launched during the 2021 cryptocurrency craze. Pianches <a style="color: #0000ff;" href="https://twitter.com/pianches/status/1709029509314310398?t=6vCzPWgqz2jhGb-xSegBcw&amp;s=19" rel="noopener noreferrer nofollow">commented</a>, “I’m sure you haven’t overlooked the fact that one was launched at the peak of a bull market, the other in a bear market.”&nbsp;
Despite the unimpressive numbers, optimism remains strong, with some believing that the ETFs could achieve impressive results in the upcoming weeks. Balchunas <a href="https://www.bloomberg.com/news/articles/2023-10-04/-sell-the-news-strikes-again-after-debut-of-ether-eth-futures-etfs" rel="noopener noreferrer nofollow">pointed out</a> that investors might need time to get accustomed to ETFs that follow Ethereum futures contracts.&nbsp;
Balchunas also added, “Any ETF that is crypto-related should be viewed as a bridge to the advisory wealth management world.” Digi_banc also <a style="color: #0000ff;" href="https://twitter.com/digi_banc/status/1709177994541990160?t=sxL8B63rKt1ujQNId3YfNQ&amp;s=19" rel="noopener noreferrer nofollow">commented</a> on X that “Turns out launching an ETF at the top of the market helps the narrative. That’s ok mate, the bull market is coming back, ETH vs BTC fundamentals will remain the same, then we’ll see. I know which one has the biggest potential.”
In recent developments, the SEC has made a significant <a style="color: #0000ff;" href="https://www.sec.gov/files/rules/sro/cboebzx/2023/34-98565.pdf" rel="noopener noreferrer nofollow">announcement</a> regarding the approval of Ethereum spot ETFs. The regulator has opted to postpone its decision-making process, and as a result, there’s no official announcements until the year 2023 comes to a close.&nbsp;
This delay introduces some uncertainty into the Ethereum ETF, keeping investors in a state of anticipation as they eagerly await the regulatory green light for this particular investment opportunity.
Regulatory policies could also play a big role. US regulators, like the SEC and CFTC, are taking action against cryptocurrencies like Ripple’s XRP and Binance due to concerns about illegal trading. This, along with other crypto exchange cases, is making investors cautious. Ethereum’s price could drop because of these SEC crackdowns on cryptocurrencies.
<h2 id="span-style-font-weight-400-in-conclusion-span">In Conclusion,&nbsp;</h2>
When searching for Ethereum (ETH) price predictions, it’s important to understand the nature of crypto markets – they are incredibly unpredictable. This volatility means that making precise short- and long-term forecasts can be challenging.
Also, past performance isn’t a reliable indicator of future results. Therefore, exercise caution and never invest funds you cannot afford to lose. The dynamic nature of these markets demands a careful and informed approach to minimize risks and maximize your potential for success.
Stay vigilant and keep an eye on various aspects of the market, including the latest trends, breaking news, technical and fundamental analyses, as well as the insights of cryptocurrency experts. These factors can provide valuable guidance as you contemplate your investment or trading decisions.
&nbsp;
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/10/ethereum-witnesses-highest-daily-exchange-outflow-since-august-what-will-happen-to-eths-price/">Ethereum Witnesses Highest Daily Exchange Outflow Since August, What Will Happen to ETH’s Price?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Ethereum Witnesses Highest Daily Exchange Outflow Since August, What Will Happen to ETH’s Price?

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