Ethereum has witnessed significant withdrawals from centralized exchanges, indicating that investors anticipate a price surge.
Exchange Balances Plummet
Crypto analyst Ash Crypto observed a notable increase in ETH withdrawals, leading to the highest withdrawal trend of 2024. Coinbase, the largest US crypto exchange, experienced a massive withdrawal of 336,000 ETH within 48 hours.
Overall, the total ETH held on centralized exchanges has dropped by 8.6% in the past two weeks. This has brought exchange balances to their lowest point since 2016.
Bullish Sentiment
The withdrawal of Ethereum from exchanges is considered bullish, as it suggests investors are holding onto their coins rather than selling them. Crypto analyst Ash Crypto believes this trend is positive for the price.
$10,000 ETH on the Horizon?
With the expected launch of Spot Ethereum ETFs in 2024, Ash Crypto predicts that ETH trading above $10,000 is imminent.
Currently, ETH remains closely tied to Bitcoin’s price movement. It has recovered above $3,500 but still faces weekly losses of 7.88%.
