In Just Three Weeks, Analysts Observe a $1.22 Billion Exodus of Ethereum (ETH) from Recognized Cryptocurrency Exchange Wallets
3 min read
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Ali Martinez, a crypto market expert and active trader, highlights that a massive exodus of Ethereum (ETH) from digital currency exchanges is occurring as investors continue to amass the primary token of the predominant smart contract platform.
Martinez shares with his 43,400 Twitter followers on platform X, via a post found here, that a noticeable reduction in Ethereum’s sell-off pressure could be on the horizon. This insight comes after the cryptocurrency witnessed a noteworthy pullout from exchanges exceeding half a million ETH within a span of just a few weeks.
“A staggering 510,000 units of ETH have departed from exchange-affiliated wallets in the recent three-week timeframe, culminating in an estimated worth of $1.22 billion!
Such a substantial withdrawal reflects a solid Ethereum community confidence, signaling a likely downturn in market sell-off activities.
Glassnode’s analytical data, as per a chart, demonstrates that Ethereum numbers on exchanges surged to nearly 14.4 million in December, only to diminish to about 13.65 million towards the end of January.
Ethereum is valued at $2,316 currently.
Transitioning to Ethereum’s competitor, Cardano (ADA), Martinez speculates that should historical patterns hold, we may witness Cardano replicating its end-of-2020 market trajectory, potentially embarking on its upcoming growth phase in the ensuing months. He remarks, detailed here.
“If Cardano echoes the market movements from the latter part of 2020, we might expect ADA to stick to a consolidation trend till around April 2024, thus paving the way for its subsequent market surge!”
At the moment of writing, Cardano’s price stands at $0.496.
Martinez’s insights also extend to the leading meme cryptocurrency, Dogecoin (DOGE). The analyst points out, as seen in his tweet, that DOGE is presently trading within a narrow boundary on the four-hour chart, as suggested by the Bollinger Bands—a popular trading tool that helps forecast potential volatility shifts.
He posits that it’s a question of when, not if, Dogecoin will experience a significant price movement, yet he refrains from indicating a specific directional expectation.
“Dogecoin’s four-hour chart Bollinger Bands are currently tightly squeezed, narrower than any time since October 2023, hinting at a looming surge in DOGE price fluctuations.”
Dogecoin’s current trading price is $0.0783.
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Disclaimer: Views expressed on The Daily Hodl are not investment advice. Before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are advised to conduct thorough research. Note that any transactions and trades you undertake are solely at your risk, and any potential losses are your responsibility. The Daily Hodl is not an investment advisor, nor does it advocate for the purchase or sale of any cryptocurrencies or digital assets. The Daily Hodl takes part in affiliate marketing.
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