NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

The Last Time Ethereum Saw Exchange Balances This High It Rallied 4,600%

Cole Petersen
Cole Petersen
5 years ago
2 mins read
Bitcoin

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.

Ethereum has been caught within a tempered uptrend in the time following its recent rally from sub-$100 lows, with the cryptocurrency forming a very strong correlation to Bitcoin – which has been firmly guiding the markets throughout the past several months.

It now appears that one fundamental metric is flashing a highly bullish sign for Ethereum, as exchanges’ ETH balance is currently at levels not seen since December of 2016, with this metric having an inverse correlation with future price trends.

This may suggest that ETH is on the brink of seeing a breakout rally, and if history rhymes, it could be significant.

Ethereum Sees Bout of Sideways Trading as Crypto Bulls and Bears Reach an Impasse

Ethereum is currently caught within a somewhat large trading range between $125 and $145, as these are the two levels at which the cryptocurrency has been caught between throughout the past couple of months.

This range-bound trading has come about in tandem with that seen by Bitcoin, which has been stuck within the $6,000 region in the time following its rebound from lows of $3,800.

At the time of writing, Ethereum is trading up just under 2% at its current price of $144, with its bulls pushing against the upper boundary of this trading range.

If buyers do surmount this level, the crypto could soon find itself caught within a notable uptrend, which will likely come about after Bitcoin breaks the resistance that exists around $7,000.

This Fundamental Metric Shows ETH Could See a Massive Rally

According to data from on-chain analytics platform Glassnode, exchanges’ ETH balance is currently at levels not seen since December of 2016.

“Since late 2019, ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of Ethereum’s circulating supply. The last time we saw levels this high was in December 2016.”

Since late 2019, $ETH exchange balances have increased by more than 21% to over 18,187,000 – which represents ~16% of #Ethereum's circulating supply.

The last time we saw levels this high was in December 2016.https://t.co/wu46QC4v3P pic.twitter.com/K2xFC8gfDj

— glassnode (@glassnode) April 4, 2020

While looking at the above chart, it does appear that there is a stark inverse correlation between Ethereum’s price and exchanges’ balance, with higher balances being bullish.

In December of 2016, Ethereum was trading at roughly $7.50, from which point it incurred a parabolic rally that led it to highs of $375 in June of 2017 – marking a massive over 4,600% rally.

Although the market was much smaller then and Ethereum is unlikely to see gains of this magnitude ever again, the massive rise in the balance of ETH on exchanges does indicate that an explosive rally could be imminent in the months ahead.

Featured image from Shutterstock.
Tweet123Share228ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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.

Related News

Ethereum Price Risks Further Crash To $2,350 With Lower Lows Formation

The Ethereum price has ranged low now after making a new monthly high back on Tuesday. This increase had come...

Scott Matherson 1 day ago
Ethereum Multi-Year Consolidation Could Spark A Parabolic Move – Details

Ethereum Multi-Year Consolidation Could Spark A Parabolic Move – Details

Ethereum is holding strong above the $2,500 mark after a sharp rally in recent weeks, signaling renewed bullish momentum across...

Sebastian Villafuerte 1 day ago
Ethereum

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Ethereum is again looking bullish following its gains of over 17% in the last seven days and the break above...

Scott Matherson 1 day ago
Load More

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.

Related News

Ethereum price

Ethereum Price Struggles To Hold Above $2,500 — Watch Out For This Support Level

Opeyemi Sule 3 hours ago
Ethereum

Ethereum Headed For Crucial Encounter At $4,000 – Here’s Why

Semilore Faleti 15 hours ago
Ethereum Faces Resistance Against Bitcoin – ETH/BTC Bullish Structure In Question

Ethereum Faces Resistance Against Bitcoin – ETH/BTC Bullish Structure In Question

Sebastian Villafuerte 1 day ago

Premium Sponsors

Top Brands

Press Releases

  • Ripple (XRP) holder benefits: Earn $93,600 a day through...

    2 hours ago
  • REVEALED: The Bitcoin Mining Secret Robinhood Users Use to...

    13 hours ago
  • Why XRP BTC DOGE Enthusiasts and Millionaires Stop Talking...

    13 hours ago
  • Bitcoin prices are skyrocketing, and using it to...

    19 hours ago
  • Robinhood users trade and mine with one click, earning...

    22 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

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.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.