Ethereum

Rally

Billion

Spot

Coin

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg 1920w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-150x84.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>The world’s second-largest cryptocurrency Ethereum (ETH) has been largely consolidating around $2,300 levels for a while with on-chain indicators suggesting a potential strong upside going ahead. As the <a href="https://coingape.com/ethereums-dencun-upgrade-nears-mainnet-debut-will-eth-rally/" target="_blank" rel="noopener">Ethereum Dencun upgrade</a> nears its debut, analysts are expecting 50-60% gains going ahead.</p> 
<h3 id="substantial-ethereum-outflow-from-exchange-wallets">Substantial Ethereum Outflow from Exchange Wallets</h3> 
<p>In recent findings shared by crypto analyst Ali Martinez, it has been revealed that over the past three weeks, a noteworthy amount of nearly 510,000 Ethereum (ETH) has been withdrawn from identifiable cryptocurrency exchange wallets. The total value of this substantial outflow is estimated to be around $1.22 billion.</p> 
<figure id="attachment_178494" aria-describedby="caption-attachment-178494" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-178494" src="https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-Exchange-Balance-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-178494" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1754131852430921864" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<p>This development suggests a robust sentiment among ETH holders, indicating a potential reduction in selling pressure within the market. The significant movement of ETH away from exchange wallets may signify a shift in the dynamics of Ethereum ownership and the overall market sentiment.</p> 
<p>In an interesting development, a mysterious 9-year-old Ethereum wallet <a href="https://coingape.com/mysterious-9-year-old-ethereum-wallet-reactivates-with-1-1m/" target="_blank" rel="noopener">reactivated</a> recently, holding 492 ETH worth $1.1 million. The Ethereum wallet in question probably obtained its tokens during Ethereum’s Initial Coin Offering (ICO), a period when the price of ETH was approximately 31 cents.</p> 
<h3 id="eth-price-targets-going-ahead">ETH Price Targets Going Ahead</h3> 
<p>In the latest analysis by crypto analyst Michael van de Poppe, ETH is observed to be resilient, maintaining a crucial support level at $2,150. The sustainability of this support level, coupled with a persistent upward trend, fuels van de Poppe’s <a rel="nofollow" href="https://twitter.com/CryptoMichNL/status/1754113572932907257" target="_blank">belief</a> that ETH has the potential to surpass $3,000 in the second quarter of the year. However, there are some <a href="https://coingape.com/markets/ethereum-price-prediction-obstacle-in-eth-path-3k-mark/" target="_blank" rel="noopener">key obstacles</a> that investors should be wary about.</p> 
<p>Van de Poppe remains optimistic about Ethereum’s trajectory, projecting a target range of $3,500 to $4,000 within the next 3 to 6 months. Several contributing factors contribute to this bullish outlook, including the upcoming Dencun upgrade, set for its final testnet on February 7th.</p> 
<p>Additionally, the anticipation surrounding an Ethereum Spot ETF and a potential rotation of Bitcoin investments toward the broader crypto ecosystem post-halving are cited as catalysts for Ethereum’s positive momentum.</p> 
<p>The post <a href="https://coingape.com/ethereum-worth-1-billion-moved-to-cold-storage-eth-price-rally-ahead/">Ethereum Worth $1 Billion Moved to Cold Storage, ETH Price Rally Ahead?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum Worth $1 Billion Moved to Cold Storage, ETH Price Rally Ahead?

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