- Ethereum’s market value remains steady above $2,170 despite significant movements of 240K ETH from major exchange wallets.
- The supply of Ethereum on exchanges hits a new low, with a 2.99% drop, as large wallets redistribute 240K ETH.
- Ethereum’s presence on exchanges dips to 8.07%, the lowest since its inception, following a major shift from top wallets.
Ethereum’s latest market movements have captured significant attention. Ethereum, holding its ground above $2,170, has seen a substantial shift in its exchange wallet dynamics. An aggregated total of 240,000 ETH has recently been transferred from the largest exchange wallets. This movement represents a 2.99% decrease in the coins held by these wallets, marking a notable trend in the cryptocurrency’s distribution.
Santiment, a platform with on-chain & social metrics for Cryptocurrencies, shared a Twitter post providing insights about the recent Ethereum exchange wallet movements:
Ethereum’s largest exchange wallets, often seen as market influencers, have collectively reduced their holdings from 8.03 million to 7.79 million ETH. This shift is not just a numeric change but signifies a deeper market trend. Consequently, the total supply of Ethereum on exchanges has plummeted, reaching a new low. This redistribution of Ethereum from large wallets to smaller ones or off the exchanges entirely is reshaping the landscape of Ethereum’s availability in the market.
Moreover, this trend indicates a strategic move by major holders. By decreasing their presence on exchanges, these large wallets might aim for longer-term holdings or private transactions. Additionally, this could respond to market dynamics, where large holders diversify their portfolios or secure their holdings in more private or controlled environments.
The significance of this event is underscored by the fact that only 8.07% of Ethereum’s total supply is now held on exchanges. This figure is the lowest since Ethereum’s genesis, indicating a paradigm shift in how Ethereum is held and traded. This shift could have various implications for the market, including potential liquidity and price volatility impacts.
As Ethereum continues to play a pivotal role in the cryptocurrency market, such movements are closely monitored by investors and market analysts. These shifts are not mere numerical changes but are reflective of the underlying market sentiments and strategies of major players in the Ethereum ecosystem.
Ethereum price has been trading in a relatively narrow range over the past few hours, with bearish sentiment dominating the market. ETH has been hovering above the $2,200 level, with support at $2,130 and resistance at $2,300. ETH is trading at $2,207, with a slight 24-hour decrease of 2.85%. The current market capitalization for Ethereum stands at $257.2 billion, ranking it as the second-largest cryptocurrency by market value.
The 50-EMA on the 24-hour chart has crossed above 20-EMA, suggesting a potential bullish signal. The relative strength index (RSI) is currently at 52.88, indicating a neutral market sentiment. If the bulls push the RSI above 70, it could signal a shift towards a bullish market. The Chaikin money flow (CMF) indicator shows a slight increase in buying pressure at positive 0.13, indicating an influx of buyers in the market.
In conclusion, Ethereum’s market landscape is witnessing a significant change. The movement of 240,000 ETH from major exchange wallets to smaller ones or off-exchange storage marks a strategic shift in holdings, reflecting changing market dynamics and investor strategies. With the lowest level of Ethereum on exchanges since its inception, the market awaits to see how this redistribution impacts Ethereum’s future trajectory.
