Ethereum, Over 1 Billion Dollars Withdrawn from Exchanges... Investors' Accumulation Strategy?
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- Ethereum recently showed a significant increase in on-chain activity, with over 1 billion dollars withdrawn from exchange addresses last week.
- This large-scale Ethereum movement is the first to be targeted since May 2023, indicating that investors are adopting a strategy to hold Ethereum.
- Current price volatility suggests a swing pattern where Ethereum can turn both ways, experts noted.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Ethereum saw a significant increase in activity on the on-chain last week. According to the on-chain analysis platform IntoTheBlock, over 1 billion dollars worth of Ether (ETH) was withdrawn from exchange addresses last week.
NewsBTC reported on the 17th (local time) that investors are choosing a strategy to hold Ethereum, as indicated by the exchange withdrawals.
The last time such a large-scale Ethereum withdrawal was targeted was in May 2023. Large Ethereum withdrawals suggest that traders are moving their holdings to personal wallets, anticipating higher prices.
1 Billion Dollar Ethereum Withdrawals from Exchange Market
According to IntoTheBlock's data, a total of 59,240 ETH was recorded as net outflow in the last 24 hours. This is part of a larger weekly trend, with IntoTheBlock emphasizing that the weekly exchange net outflow of this Ethereum reached 1 billion dollars through the social media platform X.
Bitcoin (BTC) also showed a similar trend, recording a weekly net outflow of 1 billion dollars, similar to Ethereum. This indicates growing expectations for a price increase in the volatile market.
What's Next for Ethereum?
Ethereum experienced a significant drop after reaching 3,420 dollars on November 12th. Especially as Ethereum tokens were deposited into exchanges, it dropped to 3,018 dollars. Despite an 11%% drop, Ethereum's price is maintaining the 3,000-dollar support line.
This drop is seen as providing investors with more opportunities to purchase Ethereum. Currently, with a firm 3,000-dollar support line, experts expect Ethereum's price to start a new upward trend this week.
The current price movement shows a pattern where Ethereum can swing both ways. If this pattern turns upward, Ethereum could test the 3,400-dollar resistance line again. Conversely, if it turns downward, the price could drop to the 2,810-dollar support area.
