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Ethereum’s $1.84B Exchange Withdrawals Signal Confidence, but Challenges Persist
The post Ethereum’s $1.84B Exchange Withdrawals Signal Confidence, but Challenges Persist appeared on BitcoinEthereumNews.com. Ethereum is witnessing a significant shift in market activity. According to Glassnode, 540,000 ETH worth $1.84 billion has been withdrawn from exchanges over the past month. This signals reduced selling pressure and increased long-term holding—a strong vote of confidence in Ethereum’s potential despite recent underperformance. 540,000 $ETH ($1.84B) has been withdrawn from exchanges in the past month, according to Glassnode. ???? This signals reduced selling pressure and increased long-term holding—a clear vote of confidence in Ethereum’s future. ???? pic.twitter.com/nob1fM5Lz6 — Kyledoops (@kyledoops) January 20, 2025 Whales Show Renewed Interest in Ethereum Despite Ethereum’s sluggish performance and changes in the Ethereum Foundation’s leadership team, whales have been actively accumulating ETH. Over $1 billion worth of ETH has been purchased in the last week, coinciding with the withdrawal of nearly $2 billion from exchanges, indicating rising buying pressure and long-term optimism. $ETH has been one of the weakest performers lately, and even @VitalikButerin has decided to shake things up by changing the #Ethereum Foundation’s leadership team. But is it time to give up on #ETH? Let’s take a closer look ???????? — Ali (@ali_charts) January 20, 2025 Historical Trends and Resistance Levels Historically, Ethereum tends to perform well in Q1, and analysts remain optimistic about its prospects. However, for ETH to confirm a bullish breakout, it must overcome key resistance levels. On-chain data highlights the $3,360–$3,450 range as a major supply wall. Meanwhile, technical analysis suggests ETH is forming the right shoulder of a head-and-shoulders pattern, with a neckline at $4,000. Breaking above this level could trigger a rally toward $7,000, aligning with Ethereum’s 3.2 MVRV Pricing Band. Slowing Network Growth Raises Concerns One concerning trend is Ethereum’s declining network growth. The number of new ETH addresses has dropped by 9.32%, signaling reduced adoption. This could pose challenges for long-term growth unless…
The post Ethereum’s $1.84B Exchange Withdrawals Signal Confidence, but Challenges Persist appeared on BitcoinEthereumNews.com.
Ethereum is witnessing a significant shift in market activity. According to Glassnode, 540,000 ETH worth $1.84 billion has been withdrawn from exchanges over the past month. This signals reduced selling pressure and increased long-term holding—a strong vote of confidence in Ethereum’s potential despite recent underperformance. 540,000 $ETH ($1.84B) has been withdrawn from exchanges in the past month, according to Glassnode. ???? This signals reduced selling pressure and increased long-term holding—a clear vote of confidence in Ethereum’s future. ???? pic.twitter.com/nob1fM5Lz6 — Kyledoops (@kyledoops) January 20, 2025 Whales Show Renewed Interest in Ethereum Despite Ethereum’s sluggish performance and changes in the Ethereum Foundation’s leadership team, whales have been actively accumulating ETH. Over $1 billion worth of ETH has been purchased in the last week, coinciding with the withdrawal of nearly $2 billion from exchanges, indicating rising buying pressure and long-term optimism. $ETH has been one of the weakest performers lately, and even @VitalikButerin has decided to shake things up by changing the #Ethereum Foundation’s leadership team. But is it time to give up on #ETH? Let’s take a closer look ???????? — Ali (@ali_charts) January 20, 2025 Historical Trends and Resistance Levels Historically, Ethereum tends to perform well in Q1, and analysts remain optimistic about its prospects. However, for ETH to confirm a bullish breakout, it must overcome key resistance levels. On-chain data highlights the $3,360–$3,450 range as a major supply wall. Meanwhile, technical analysis suggests ETH is forming the right shoulder of a head-and-shoulders pattern, with a neckline at $4,000. Breaking above this level could trigger a rally toward $7,000, aligning with Ethereum’s 3.2 MVRV Pricing Band. Slowing Network Growth Raises Concerns One concerning trend is Ethereum’s declining network growth. The number of new ETH addresses has dropped by 9.32%, signaling reduced adoption. This could pose challenges for long-term growth unless…
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