Could a Significant Ethereum Movement Spark a New Price Surge?

The recent withdrawal of around one million Ethereum (ETH) from exchanges and increased accumulation by large investors has created optimism for continued upward price movement. Despite a slight recent retracement, ETH has seen a significant increase in value since early April, with a 54% rise on a monthly scale.

The withdrawal of such a large amount of ETH, equivalent to over $2.5 billion, from exchanges suggests a shift toward self-custody, reducing immediate selling pressure and potentially creating upward price pressure. However, the Ethereum's Relative Strength Index (RSI) has climbed to 71, indicating overbought territory and hinting at possible short-term correction.

Despite this, many analysts remain optimistic about the cryptocurrency's short-term prospects.