What’s Next for Ethereum Price as Exchange Supply Hits 10-Year Low?
The post What’s Next for Ethereum Price as Exchange Supply Hits 10-Year Low? appeared on BitcoinEthereumNews.com. Key Insights: Ethereum price eyes breakout as ETH exchange supply dropped to an all-time low of 4.9%. Over 1 million ETH were withdrawn from exchanges in a month, showing strong long-term holding sentiment. Analyst notes a Golden Cross in the 12-hr chart. Ethereum (ETH) exchange supply has reached its lowest point in over a decade, showing that traders are not selling much. Consequently, Ethereum price reached over $2,570 after more than one million coins moved from exchanges in the last month. Ethereum Price Eyes Rally As Exchange Supply Drops Below 5% The latest on-chain data hints at a potential Ethereum price rally ahead. As noted by Santiment, only about 4.9% of all ETH is currently kept on centralized trading platforms, marking the lowest amount in its history. Analysts consider this trend to be reflective of a growing preference for off-exchange storage and long-term investment strategies. Source: Santiment During a time when the Ethereum price was going up, reserves on exchanges were sharply reduced. Over the past 30 days, the top crypto rose by 58%. Crypto analyst Ali Martinez has pointed out that about 1 million ETH were taken off exchanges in the past month. The move away from exchanges is often considered to lessen short-term selling activity. Ethereum Price Surged Above $2,500 With Bullish Momentum Over the last 24 hours, Ethereum price rallied over 4% to $2,520. At that point, the top altcoin market capitalization reached $310 billion. Following a brief fall below $2,400, ETH price increased by more than 50% in the last seven days. Additionally, market sentiment turned positive when trading volume and derivatives interest rose sharply. According to Coinglass, there was a 7% rise in open interest in Ethereum futures, reaching over $31.24 billion. Meanwhile, the market saw liquidations totaling $91.6 million, where $59.6 million was from…
The post What’s Next for Ethereum Price as Exchange Supply Hits 10-Year Low? appeared on BitcoinEthereumNews.com.
Key Insights: Ethereum price eyes breakout as ETH exchange supply dropped to an all-time low of 4.9%. Over 1 million ETH were withdrawn from exchanges in a month, showing strong long-term holding sentiment. Analyst notes a Golden Cross in the 12-hr chart. Ethereum (ETH) exchange supply has reached its lowest point in over a decade, showing that traders are not selling much. Consequently, Ethereum price reached over $2,570 after more than one million coins moved from exchanges in the last month. Ethereum Price Eyes Rally As Exchange Supply Drops Below 5% The latest on-chain data hints at a potential Ethereum price rally ahead. As noted by Santiment, only about 4.9% of all ETH is currently kept on centralized trading platforms, marking the lowest amount in its history. Analysts consider this trend to be reflective of a growing preference for off-exchange storage and long-term investment strategies. Source: Santiment During a time when the Ethereum price was going up, reserves on exchanges were sharply reduced. Over the past 30 days, the top crypto rose by 58%. Crypto analyst Ali Martinez has pointed out that about 1 million ETH were taken off exchanges in the past month. The move away from exchanges is often considered to lessen short-term selling activity. Ethereum Price Surged Above $2,500 With Bullish Momentum Over the last 24 hours, Ethereum price rallied over 4% to $2,520. At that point, the top altcoin market capitalization reached $310 billion. Following a brief fall below $2,400, ETH price increased by more than 50% in the last seven days. Additionally, market sentiment turned positive when trading volume and derivatives interest rose sharply. According to Coinglass, there was a 7% rise in open interest in Ethereum futures, reaching over $31.24 billion. Meanwhile, the market saw liquidations totaling $91.6 million, where $59.6 million was from…
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