Santiment reported that the withdrawal of the crypto asset from centralized exchanges usually indicates investors' preference for a holding strategy and a refusal to engage in large-scale sell-offs in the near future. The price of Ethereum outperformed the overall dynamics of the cryptocurrency market, reaching a 12-day high, analysts reported.
“Ethereum is showing moderate signs of recovery, outpacing most altcoins. The asset continues to be rapidly withdrawn from exchanges to cold wallets, and its volume on such wallets has reached a historical minimum,” Santiment stated.
In recent weeks, market participants have shown increased interest in Ethereum after a prolonged period of lackluster dynamics, and there is a possibility of a bullish trend forming in the medium term, analysts believe.
Previously, experts from 10x Research stated that the price of Ethereum could exceed $3,000, as indicated by the asset's relative strength index (RSI) value, which suggests oversold conditions.