Ethereum

2024

Million

Exchange data has revealed continued <a href="https://www.newsbtc.com/news/cardano/crypto-analyst-predicts-parabolic-rally-for-cardano-heres-the-timeline/" target="_blank" rel="noopener ">bullish sentiment</a> 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 According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors.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 massive exodus of ETH from exchanges could indicate that traders are anticipating higher prices and moving their holdings into private wallets for long-term storage. 
The holding attitude has emerged amid a <a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">wider spike</a> in the price of cryptocurrencies throughout the market and numerous demands for Ethereum to cross over $4,000 and beyond. 
<h2 id="b-ethereum-sees-massive-exodus-from-exchanges-b">Ethereum Sees Massive Exodus From Exchanges</h2> 
<a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">Exchange data</a> typically helps give an overview of the supply and demand dynamics of crypto assets. When the supply of an asset declines on exchanges, it indicates holders have a long-term view.&nbsp; 
In this vein, <a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">exchange data</a> from IntoTheBlock concerning Ethereum has shown the dynamics tipping to the demand side as investors have increased their accumulation of the industry’s second-largest cryptocurrency since the beginning of the year.&nbsp; 
More importantly, outflows of <a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">Ethereum </a>from exchanges totaled $906 million last week to mark eight consecutive weeks of outflows.&nbsp; 
<blockquote class="twitter-tweet"> 
 $906M of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="nofollow">$ETH</a> left exchanges this week, making it the eighth consecutive week of net outflows for the second-largest crypto asset <a href="https://t.co/v7VuqFUSCf" rel="nofollow">pic.twitter.com/v7VuqFUSCf</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1763555500552011879?ref_src=twsrc%5Etfw" rel="nofollow">March 1, 2024</a>
</blockquote> 
This outflow pattern has been reaffirmed by a <a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">comparable exchange metric</a> on CryptoQuant. Since January 10, the total amount of Ethereum on exchange reserves has decreased by more than 1 million ETH, and it currently stands at 13.7 million ETH. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/horwDzJE/" width="1835" height="883"> 
<h2 id="b-what-s-next-for-ethereum-b">What’s Next For Ethereum?</h2> 
The massive outflow from exchanges can be attributed to Ethereum bulls looking to push the crypto to new highs. Ethereum has gone on a <a href="https://x.com/TATrader_Alan/status/1764200286766424087?s=20" target="_blank" rel="noopener nofollow">sustained upward trend</a> in the past few months to <a href="https://x.com/TATrader_Alan/status/1764200286766424087?s=20" target="_blank" rel="noopener nofollow">outperform </a>majority of altcoins. 
At the time of writing, the crypto is trading at $3,392, up by 46% in the past 30 days. If anything, the increase in outflow from exchanges is a signal for a continued uptrend and ETH is now on its way to reaching the $3,500 mark again after a <a href="https://x.com/TATrader_Alan/status/1764200286766424087?s=20" target="_blank" rel="noopener nofollow">brief crossover</a> on February 29. 
The bullish action has prompted investors to <a href="https://x.com/TATrader_Alan/status/1764200286766424087?s=20" target="_blank" rel="noopener nofollow">look forward</a> to Ethereum breaking into $4,000 again towards its all-time high of $4,878. With decreasing supply on exchanges, the price of ETH is poised to rise. A breach of the $4,000 level seems imminent, and from there, a run-up to $4,900 could happen quickly.&nbsp; 
A crypto analyst known as Trader Alan <a href="https://x.com/TATrader_Alan/status/1764200286766424087?s=20" target="_blank" rel="noopener nofollow">pointed out</a> that recent price action has seen Ethereum perfecting a bullish breakout and retest on the monthly chart. According to the price chart shared by the analyst, a strong bullish movement could see ETH reaching $7,000 by the end of 2024, as well as exceeding $10,000 and $15,000 in the coming years. 
Featured image from Pexels, chart from TradingView

$906 Million Worth Of Ethereum Leave Exchanges Last Week – ETH To $4,000?

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