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Whales Moving Ethereum Off The Exchanges: A Bullish Wave On The

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COINBASE:ETHUSD   Ethereum
Whales Moving Ethereum Off The Exchanges: A Bullish Wave On The Horizon?
The top 100 Wallets on exchanges have slumped to a 2018 low value of 8.41 Million ETH while the top 100 non exchange wallets have jumped to record high of 68.39 Million ETH.
Ethereum price made a bounce back after falling below the $3400 level and 50 day EMA.

The broader crypto markets including the market leaders Bitcoin and Ethereum, are experiencing a rollercoaster ride in the last couple of weeks. Ethereum price has witnessed a correction from $3900 level and has retraced the $3400 level. However the 50 day EMA seems to be acting as a dynamic support as the price has taken a bounce back.

Moreover, there has been a notable shift in the balance of top 100 exchange wallets which has dropped to a multi year low. while, the top 100 non exchange wallets have recorded an all time high holdings.
Whales Offloading Ethereum from Exchanges!
With the dramatic changes in the broader crypto markets these days, a notable shift in the on-chain metrics was observed. As per the data obtained from a financial website app.santiment.net, the holdings of the top 100 Ethereum wallets have dropped to a 2018 low value of 8.41 Million Ethereum.

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">🐳 The top 100 Ethereum wallets on exchanges recently fell below its May, 2018 all-time low, now at 8.41M total <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw"> ETH </a>. This is a sign of increasing distribution over time.<br><br>Meanwhile, the top 100 non-exchange wallets tell the opposite story, holding an all-time high 68.39M <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw"> ETH </a>. <a href="https://t.co/OS0t4ByaNQ">pic.twitter.com/OS0t4ByaNQ</a></p>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1801709466121027901?ref_src=twsrc%5Etfw">June 14, 2024</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

On the contrary, the aggregate holdings of top 100 non exchange wallets have surged to a record high of 68.39 Million ETH. It indicates the shift of Ethereum from exchange wallets to non exchange wallets.

Typically, large-scale holders, often referred to as 'whales,' transfer their assets out of exchange wallets into other types of wallets when they do not foresee a significant market sell-off and prefer to retain their holdings for a certain duration. Such movements by whales withdrawing their holdings out of exchange wallets generally have a favorable effect on the market price
Is Ethereum Preparing For A Potential Rebound?
The Ethereum price has taken a rebound from the 50 day EMA indicating the presence of bulls near it. Whales are moving their holdings to non exchange wallets indicating their intention to hold it for a significant duration.

Moreover, The upcoming launch of Ethereum ETF could probably boost the demand which may help the ETH price to rise. The reduced supply on exchanges may further enhance the price.

As per the price action analysis, sustained move above the $3700 could mark the end of a correction and the Ethereum price may resume its journey towards the major $4000 level.

Conversely, the price might be at the risk of falling towards the $3300 until it is maintained below $3700 level.
Conclusion.
The broader crypto market including the major players Bitcoin and Ethereum has been highly volatile in the recent sessions. Ethereum price corrected from $3900 to $3400 however got support near the 50 day EMA suggesting bullish sentiment. Data from app.santiment.net shows a significant shift of Ethereum from exchange to non-exchange wallets thus decreasing the supply at the exchanges.

This move by whales implies a long-term holding strategy. The potential launch of an Ethereum ETF and reduced exchange supply could further drive up prices. ETH price recovery above $3700 may signal an end to the correction phase and a push towards $4000, while staying below $3700 risks a drop towards the $3300.

Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.



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