- Ethereum investors pulled 659,000 ETH from crypto exchanges in one hour on the 22nd of this month. This suggested Alex Saunders, CEO and Founder of NuggetsNews.com.au, that Ethereum’s net outflow could be the biggest exit to date in the specified timeframe.
Ethereum investors pulled 659,000 ETH from crypto exchanges in one hour on the 22nd of this month. This suggested Alex Saunders, CEO and Founder of NuggetsNews.com.au, that Ethereum’s net outflow could be the biggest exit to date in the specified timeframe.
Its exact analysis can be found below, along with a graph showing the one hour event.
Is it the biggest withdrawal from ETH ever?
659 thousand ETH left the exchanges in an hour yesterday because bottom buyers sent money to their wallets and staking system.
Ethereum returns to bull zone
As noted by Saunders, Ethereum investors likely moved their ETH to offline wallets, DeFi platforms, or ETH 2.0 staking. Moving towards any of the three possibilities shows a bullish trend for Ethereum as it means that ETH investors are showing an upward trend in the long-term future of the digital asset. Also, with less Ethereum on exchanges, the price of ETH will likely increase with demand and decreasing supply.
Regarding the price, Ethereum has returned to the bullish zone after taking back the $ 1,300 price area as support. At the time of writing, Ethereum is trading at $ 1,328 and it looks like it will turn the $ 1,350 resistance level into support and thus move higher with the new week.
As stated earlier, tonight’s weekly close is a short-term hurdle for Ethereum due to weakening Bitcoin. If the Crypto King can keep the week close at a level of over $ 30,000 – $ 32,000, it will provide the stable environment needed for Ethereum to thrive and possibly approach $ 1,500 or even $ 2,000.
Presumably, Ethereum’s upward momentum will continue until February 8, when the CME group launches ETH futures contracts tailored for institutional investors.