Ethereum

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Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the 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 biggest ETH exchange wallets in the past 24 hours.&nbsp; 
As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances.&nbsp; 
<h2 id="ethereum-exchange-supply-plummets">Ethereum Exchange Supply Plummets</h2> 
Ethereum is currently down by 1.74% in the past 24 hours and is currently <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-restarts-increase-2250/">retesting its breakout</a> level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced. 
ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from <a href="https://app.intotheblock.com/coin/ETH/deep-dive?group=exchanges&amp;chart=all" rel="nofollow">IntoTheBlock </a>put a 98.52% increase in exchange outflow volume in the past 30 days. <a href="https://www.newsbtc.com/news/ethereum-whales-scoop-up-230-million-in-eth-in-one-week-price-hike-next/">Just last week alone</a>, whales bought more than 100,000 ETH worth $230 million.&nbsp; 
This sentiment continued into 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 Ethereum’s total supply currently sits on exchanges, the lowest it has ever been.&nbsp;&nbsp; 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f44d.png" alt="👍" class="wp-smiley" style="height: 1em; max-height: 1em;"> As <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a>‘s market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a> has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. <a href="https://t.co/Fw7lKcVZan" rel="nofollow">https://t.co/Fw7lKcVZan</a> <a href="https://t.co/AMFPDL4BXp" rel="nofollow">pic.twitter.com/AMFPDL4BXp</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1737198507151560981?ref_src=twsrc%5Etfw" rel="nofollow">December 19, 2023</a>
</blockquote> 
ETH has failed to clear 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. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest. 
According to crypto analyst Ali Martinez, 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 to a target of $3,500.&nbsp;&nbsp; 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#Ethereum</a> is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb. 
 The price range between $2,150 and $1,900 could be the ideal zone for accumulation before <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#ETH</a> sets its sights on a higher target of $3,500. <a href="https://t.co/6lGZT0ZKgv" rel="nofollow">pic.twitter.com/6lGZT0ZKgv</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1737360951744033057?ref_src=twsrc%5Etfw" rel="nofollow">December 20, 2023</a>
</blockquote> 
Ethereum is up by 82.67% this year and the outlook for 2024 <a href="https://www.newsbtc.com/news/ethereum/ethereum-bullish-outlook-analyst-predicts-surge/">remains bullish</a>. According to crypto analyst Altcoin Daily, ETH’s journey to $10,000 <a href="https://bitcoinist.com/ethereum-to-10000-programmed/" rel="nofollow">seems sure at the moment</a>, pending <a href="https://bitcoinist.com/fidelity-ethereum-spot-etf/" rel="nofollow">Ethereum Spot ETFs</a> a major catalyst for this price growth. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/R438AsnB/" alt="Ethereum price chart from Tradingview.com" width="3266" height="1530">

Ethereum Exchange Balances Drop Drastically, What This Means For ETH Price

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