Ethereum's price is rising sharply with active participation from whales and decreasing ETH on exchanges, setting the stage for the next upward wave.
The large withdrawals of ETH from exchanges by whales and technical analysis indicate a positive price trend, attracting long-term investors and triggering the potential for a breakout above the $3,000 mark.
MAIN CONTENT
Ethereum whales continuously withdraw large amounts of ETH from exchanges, reducing exchange liquidity.
ETH reserves on exchanges are decreasing, reflecting a long-term holding and accumulation trend.
Technical analysis shows bullish signals with the potential to break above $2,700 towards $3,000.
Does Ethereum make notable progress from whale activity?
On-chain data shows that Ethereum whales have withdrawn nearly 7,000 ETH from Binance in the past three weeks, with a single withdrawal of about 1,900 ETH, equivalent to nearly 4.86 million USD. This indicates a positive move to reduce supply on the exchange, paving the way for a potential price increase.
"The large withdrawals of ETH from exchanges to cold wallets reflect the long-term accumulation mentality of experienced investors and create conditions for the next price explosion."
Mr. Nguyen Van Hung, Cryptocurrency Analyst, 2024
What is the current situation of ETH reserves on exchanges?
The latest data shows that the total amount of ETH reserves on exchanges has decreased from over 19.5 million ETH at the beginning of May to about 18.96 million ETH currently, with Binance holding nearly 4.95 million ETH. This trend reflects investors moving ETH to cold wallets or DeFi applications to increase long-term holding capacity and avoid market risks.
Time period Total ETH reserves on exchanges ETH reserves on Binance 5/1/2024 19,576,503 ETH Not specific Currently (end of 6/2024) 18,962,692 ETH 4,947,990 ETH
How has Ethereum's recent price performance been?
Ethereum is in a stable recovery phase with a 4.5% increase in the past 7 days and 2.3% in just the last 24 hours. The price of ETH is currently around $2,563, higher than the $2,405 level at the beginning of July. This trend indicates that the buyers are in control, preparing to break out of the sideways price range from $2,400 to $2,700.
What technical analysis signals are there for the future of ETH?
Technical analysis confirms a medium-term bullish trend as the 50-day moving average (2,532 USD) crosses above the 100-day SMA (2,211 USD) and the 200-day SMA (2,493 USD). The RSI is currently at 54.49, within the neutral zone, allowing ETH to rise without being overvalued, facilitating the next price increase.
"The 50-day SMA being above the 200-day SMA is a clear sign of a sustainable bullish trend for Ethereum, opening up the prospect of reaching new highs."
Analysis by Ms. Tran Thi Minh, Technical Analysis Director of the investment fund, 2024
What will happen next with Ethereum's price?
If the cash flow from whales continues to withdraw ETH from the exchange and the price breaks through the $2,700 level, it is very likely that ETH will head towards $3,000 or higher in the near future. The reduced supply on the exchange combined with positive technical signals provides a solid basis for this prediction.
What frequently asked questions are there regarding ETH price trends?
1. Why are whales withdrawing ETH from exchanges? Whales withdraw ETH to reduce the risk of bad liquidity or market volatility while holding long-term to take advantage of potential price increases. 2. What impact does the decrease in ETH reserves on exchanges have on the market? A decrease in reserves tightens trading supply, and when demand increases, it creates upward price pressure, triggering a strong rally. 3. What technical indicators are important for ETH? The 50, 100, and 200-day SMAs and RSI are commonly used indicators to determine ETH's bullish or bearish trends. 4. How high can ETH go in the next rally? Many experts expect ETH could exceed $3,000 if the accumulation trend and demand continue to remain strong. 5. What should investors pay attention to when trading ETH currently? It is recommended to monitor the amount of ETH on exchanges, whale movements, combined with technical analysis to make accurate investment decisions.
Source: https://tintucbitcoin.com/ca-voi-ethereum-day-gia-eth-gan-3-000-usd/
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