A crypto analyst is reporting a massive influx of Ethereum (ETH) into the hands of individual investors. This suggests strong confidence in the cryptocurrency.
Nearly a Million ETH Vanishes From Exchanges
Over 900,000 ETH tokens were withdrawn from cryptocurrency exchanges in just ten days. With ETH trading around $2,731 at the time of this report, that’s over $2.45 billion worth of Ethereum. This massive withdrawal strongly indicates investors are accumulating ETH, rather than selling it.
Whales are Feeding
The buying spree isn’t just from small investors. Large investors, known as “whales,” purchased a whopping 280,000 ETH in just three days – a purchase worth over $764 million.
Technical Indicators Point Upward
The analyst also points to a bullish technical signal using the Tom DeMark (TD) Sequential indicator. This indicator, combined with ETH’s position near the support line of an ascending channel (a generally positive chart pattern), suggests a strong possibility of further price increases. Historically, similar signals have preceded significant ETH price rebounds.
Disclaimer
Remember, this information is for general knowledge only and is not financial advice. Investing in cryptocurrencies is risky, so always do your own research before making any investment decisions.
