Ethereum Whales Show Confidence in Long-Term Investment
- Ethereum whales have withdrawn a significant amount of ETH from exchanges, signaling confidence in the asset’s long-term value.
- A notable whale, labeled 0x8B94, withdrew 14,632 ETH (approximately $45.5 million) from Binance and staked it within six days.
- Two fresh whale wallets transferred 6,000 ETH (amounting to $18.7 million) from Kraken to undisclosed addresses over the last two days.
Exchange Reserve Metric Indicates Net Outflow of ETH
- CryptoQuant’s Exchange Reserve metric shows a decline in the amount of ETH held in centralized exchanges.
- Over 800,000 ETH (roughly $2.4 billion) has exited cryptocurrency exchanges since the beginning of the year.
- This net outflow suggests a surge in investor confidence in the Ethereum network and its native token.
Ethereum’s Price Momentum and Potential Breakout
- Ethereum’s price has displayed bullish momentum, reclaiming the crucial $3,000 mark.
- Financial expert Raoul Pal sees potential for a major breakout, pointing to a “dual-chart pattern” on the ETH/BTC chart.
- Pal highlights a “mega wedge” pattern alongside an inner descending channel, indicating a consolidation phase with bullish potential.
