Ethereum Exodus: $1.2 Billion Leaves Crypto Exchange Vaults, Analysts Sound Alarm
Cryptocurrency analyst and trader Ali Martinez reports a significant exodus of Ethereum (ETH) from crypto exchanges, indicating a trend of accumulation among holders.
Martinez, communicating with his 43,400 followers on X, notes a withdrawal of nearly 510,000 ETH, totaling approximately $1.22 billion, from exchange wallets in the past three weeks. This outflow suggests a strong sentiment among Ethereum holders, potentially reducing selling pressure in the market. Data from Glassnode reveals a decline in Ethereum holdings on exchanges, dropping from a recent high of just under 14.4 million in December to less than 13.65 million by late January. Ethereum is currently trading at $2,316. Martinez also discusses Cardano (ADA), suggesting that if it follows its late 2020 price action, the ninth-largest crypto asset by market cap could begin its next market expansion in the coming months, with ADA trading at $0.496.
Additionally, Martinez observes Dogecoin’s (DOGE) trading range on the four-hour chart, noting a tight squeeze in Bollinger Bands, indicating an imminent increase in DOGE price volatility. However, he refrains from specifying a directional bias for DOGE, highlighting the potential for significant movement ahead.
Clever Robot News Desk 7th February 2024
