{"id":596049,"date":"2024-03-03T13:51:20","date_gmt":"2024-03-03T13:51:20","guid":{"rendered":"https:\/\/wncen.com\/?p=596049"},"modified":"2024-03-03T13:51:42","modified_gmt":"2024-03-03T13:51:42","slug":"906-million-worth-of-ethereum-leave-exchanges-last-week-eth-to-4000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/906-million-worth-of-ethereum-leave-exchanges-last-week-eth-to-4000\/","title":{"rendered":"$906 Million Worth Of Ethereum Leave Exchanges Last Week – ETH To $4,000?"},"content":{"rendered":"

Exchange data has revealed continued <\/span>bullish sentiment<\/span><\/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 According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors.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.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Parabolic Rally For Cardano \u2013 Here\u2019s The Timeline<\/a><\/div>\n

The holding attitude has emerged amid a <\/span>wider spike<\/span><\/a> in the price of cryptocurrencies throughout the market and numerous demands for Ethereum to cross over $4,000 and beyond.<\/span><\/p>\n

Ethereum Sees Massive Exodus From Exchanges<\/b><\/h2>\n

Exchange data<\/span><\/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.\u00a0<\/span><\/p>\n

In this vein, <\/span>exchange data<\/span><\/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.\u00a0<\/span><\/p>\n

More importantly, outflows of <\/span>Ethereum <\/span><\/a>from exchanges totaled $906 million last week to mark eight consecutive weeks of outflows.\u00a0<\/span><\/p>\n

\n

$906M of $ETH<\/a> left exchanges this week, making it the eighth consecutive week of net outflows for the second-largest crypto asset pic.twitter.com\/v7VuqFUSCf<\/a><\/p>\n

\u2014 IntoTheBlock (@intotheblock) March 1, 2024<\/a><\/p><\/blockquote>\n

This outflow pattern has been reaffirmed by a <\/span>comparable exchange metric<\/span><\/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.<\/span><\/p>\n

<\/p>\n

Total crypto market cap is currently at $2.272 trillion. Chart: TradingView.com<\/a><\/pre>\n
What\u2019s Next For Ethereum?<\/b><\/h2>\n
The massive outflow from exchanges can be attributed to Ethereum bulls looking to push the crypto to new highs. Ethereum has gone on a <\/span>sustained upward trend<\/span><\/a> in the past few months to <\/span>outperform <\/span><\/a>majority of altcoins. <\/span><\/p>\n
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 <\/span>brief crossover<\/span><\/a> on February 29.<\/span><\/p>\n
The bullish action has prompted investors to <\/span>look forward<\/span><\/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.\u00a0<\/span><\/p>\n
Related Reading: Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion<\/a><\/div>\n
A crypto analyst known as Trader Alan <\/span>pointed out<\/span><\/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.<\/span><\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Exchange data has revealed continued bullish sentiment 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. Related Reading: Crypto Analyst Predicts Parabolic Rally For Cardano \u2013 Here\u2019s The Timeline The holding attitude has emerged amid a wider spike in the price of cryptocurrencies throughout the market and numerous demands for Ethereum to cross over $4,000 and beyond. Ethereum Sees Massive Exodus From Exchanges Exchange data 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.\u00a0 In this vein, exchange data 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.\u00a0 More importantly, outflows of Ethereum from exchanges totaled $906 million last week to mark eight consecutive weeks of outflows.\u00a0 $906M of $ETH left exchanges this week, making it the eighth consecutive week of net outflows for the second-largest crypto asset pic.twitter.com\/v7VuqFUSCf \u2014 IntoTheBlock (@intotheblock) March 1, 2024 This outflow pattern has been reaffirmed by a comparable exchange metric 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. Total crypto market cap is currently at $2.272 trillion. Chart: TradingView.com What\u2019s Next For Ethereum? The massive outflow from exchanges can be attributed to Ethereum bulls looking to push the crypto to new highs. Ethereum has gone on a sustained upward trend in the past few months to outperform 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 brief crossover on February 29. The bullish action has prompted investors to look forward 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.\u00a0 Related Reading: Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion A crypto analyst known as Trader Alan pointed out 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<\/p>\n","protected":false},"author":594,"featured_media":596063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,8323,1946,2888],"class_list":["post-596049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-eth","tag-ethereum","tag-market-analysis"],"acf":[],"yoast_head":"\n$906M Worth Of Ethereum Leave Exchanges Last Week<\/title>\n<meta name=\"description\" content=\"Exchange data has revealed continued bullish sentiment from Ethereum traders. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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