{"id":596049,"date":"2024-03-03T13:51:20","date_gmt":"2024-03-03T13:51:20","guid":{"rendered":"https:\/\/uniquehot.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:\/\/uniquehot.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 According to IntoTheBlock, $906 million worth of Ethereum was withdrawn from crypto exchanges last week, indicating a holding mentality among investors.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 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 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 $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 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>\nEthereum Sees Massive Exodus From Exchanges<\/b><\/h2>\n
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Total crypto market cap is currently at $2.272 trillion. Chart: TradingView.com<\/a><\/pre>\n
What\u2019s Next For Ethereum?<\/b><\/h2>\n