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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Bullish Signal: 1.2 Million ETH Exited Exchanges Recently

Keshav Verma
Keshav Verma
3 years ago
3 mins read

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Ethereum on-chain data shows more than 1.2 million ETH has exited exchanges over the past two weeks, a sign that could be bullish for the price of the crypto.

Ethereum Exchange Reserve Has Observed Significant Decline In The Last Couple Of Weeks

As pointed out by an analyst in a CryptoQuant post, the ETH exchange reserve has lost over 5% in value in just the last fourteen days.

The “all exchanges reserve” is an indicator that measures the total amount of Ethereum present in wallets of all centralized exchanges.

When the value of this metric goes down, it means investors are withdrawing a net amount of coins right now. Such a trend can be bullish for the price of ETH as holders usually take their crypto off exchanges for accumulating them.

On the other hand, an increase in the reserve implies investors are depositing Ethereum at the moment. Since holders usually transfer their coins to exchanges for selling purposes, this kind of trend may prove to be bearish for the crypto’s price.

Related Reading | Bitkeep Becomes The Sponsor of Bitcoin 2022, Bringing A Smooth Cross-Chain Swap Experience to Bitcoin Holders

Now, here is a chart that shows the trend in the Ethereum exchange reserve over the past few weeks:

Ethereum Exchange Reserve

Looks like the value of the indicator has sharply dropped off recently | Source: CryptoQuant

As you can see in the above graph, the Ethereum exchange reserve has observed significant decline during the period.

In just over the last couple of weeks, the metric’s value has gone from about 24.7 million ETH to around 23.5 million ETH.

Related Reading | TA: Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level

This is a drop of around 5% in only 14 days, amounting to about 1.2 million ETH, or almost 4 billion in USD at the current exchange rate.

This large drop in the reserve within such a short timespan suggests accumulation may be going on in the market right now.

Exchanges have traditionally been considered the “selling supply” of Ethereum. So, due to demand-supply dynamics, its decline can be quite bullish for the price in the long term.

ETH Price

At the time of writing, Ethereum’s price floats around $3.3k, up 4% in the last seven days. Over the past month, the crypto has gained 12% in value.

The below chart shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

The price of ETH seems to have plunged down over the past day | Source: ETHUSD on TradingView

A few days back, Ethereum surged up in value, breaking above the $3.4k level. However, in the last twenty-four hours, the price of the crypto looks to have once again come back down.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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