Ethereum demonstrated a significant price increase due to massive withdrawals from centralized exchanges. This shows investor confidence in the cryptocurrency.
Whale Activity Analysis
Blockchain data indicates that whale addresses are withdrawing significant amounts from exchanges. One wallet starting with 0xb99a withdrew 56,909 ETH from Binance. Another wallet with the address 0xEd0C withdrew 64,603 ETH from Binance and Bitfinex.
Decrease of Ethereum Supply on Exchanges
According to Santiment, around 224,410 ETH left exchanges between February 8 and 9. This is the largest one-day outflow in nearly two years, resulting in only about 9.63 million ETH remaining on exchanges, the lowest level since August 2024.
Investors Anticipate Further Growth
The Accumulation/Distribution metric for Ethereum shows an upward trend, indicating purchasing activity. Narrowing Bollinger Bands and a record-low exchange supply ratio also reflect strong investor confidence. Analysts predict a price rise to $2,975 if the resistance level of $2,850 is breached.
Current trends indicate strong long-term sentiment among investors, inclined toward holding rather than selling. This could support price stability and potential upward movement.
