- ETH has made a moderate recovery, rising by a staggering 2.8% over the past day. 🎉
- Ethereum’s outflow has hit a 23-month high, signaling that someone, somewhere, is feeling confident. 🤔
Ethereum [ETH] has been trading sideways, much like a confused cat trying to decide whether to jump on the couch or the windowsill. It appears to be stuck in a consolidation range, which is a fancy way of saying it’s not going anywhere fast.
With ETH struggling to reclaim a higher resistance level (which sounds like a very serious problem), investors have taken this opportunity to accumulate, as if they were collecting rare stamps or Pokémon cards.
Ethereum Outflow Hits 23-Month High
According to the wise sages at Santiment, Ethereum has experienced historical withdrawals from exchanges. In fact, Ethereum saw a whopping 224,410 ETH tokens move off exchanges in the 24 hours between the 8th and 9th of February. That’s a lot of tokens! 🤑
This trend continued on the 10th of February, with a staggering 768.5k in exchange outflows. This outflow was the largest amount of net coins withdrawn from exchanges in a single day over the past 23 months. Talk about a dramatic exit!
When exchange outflow surges, it implies that investors are actively buying the asset and anticipating prices to recover and make another high. Or they could just be hoarding it for a rainy day. Who knows? 🌧️
Although this is a long-term perception, it signals growing market confidence despite the price struggles. It’s like believing in the tooth fairy even when you’re 40 years old.
This bullishness was further confirmed by the exchange supply ratio, which declined to hit a yearly low. It’s like watching your favorite TV show get canceled—disappointing but not entirely unexpected.
Therefore, ETH investors are currently content with holding for the long term, expecting prices to rise. The shrinking level of available coins to be publicly sold off also means less likelihood of future major selloffs. It’s like a game of musical chairs, but with fewer chairs and more anxiety.
Any Impact on ETH?
The growing outflow has positively affected ETH prices. As of this writing, Ethereum was trading at $2716. This marked a 2.84% rise on daily charts, extending this bullish outlook by 0.84% on weekly charts. It’s like watching your favorite stock rise while you sit back with popcorn. 🍿
Therefore, with Ethereum experiencing massive outflow, it suggests that most participants are currently bullish. Or they’re just really optimistic about the future of digital cats. 🐱
This bullishness is even more prevalent among institutional investors. This is evidenced by the fact that the Coinbase premium index has remained positive throughout the week. Institutions are actively accumulating as ETH is currently in the accumulation phase, and the demand from the U.S. market and institutions could position it for further gains. It’s like a corporate stampede for digital currency!
This institutional demand was further affirmed by large holders’ netflow, which spiked. ETH’s large holders have made more capital inflow than outflow from the 5th of February, experiencing six days of positive capital inflow. It’s like a party where everyone brings snacks, and no one leaves hungry.
Simply put, ETH is experiencing strong bullish sentiments as investors continue to accumulate the altcoin. If this trend continues, Ethereum could recover and reclaim $3000, where it has faced multiple rejections. However, if buyers fail to hold and sellers enter the market, ETH could drop to $2591. It’s a rollercoaster ride, folks! 🎢
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2025-02-11 21:48