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Is the altcoin preparing for the next leg up?
ByJordan Lyanchev
Popular analyst Ali Martinez outlined that more than 116,000 ETH were withdrawn from crypto exchanges in just two days. The stash was worth roughly $300 million at current prices.
This has reduced the amount of ETH immediately available for trading, potentially easing sell-side pressure. Although exchange withdrawals alone do not necessarily indicate accumulation, as assets can also be moved for staking, custody, or other purposes, the timing is peculiar, as ETH is making another attempt to break above the $2,500 threshold.
What’s the Next Target?
In a separate analysis also dedicated to ETH’s performance, Martinez noted that the asset has traded between $2,370 and $2,530 since its breakout during the last week of August. Recall that Ethereum, alongside the rest of the market, exploded after August 19, surging from $1,900 to the aforementioned upper boundary.
However, it was unable to break through despite trying on several occasions, and each subsequent rejection drove it south toward $2,400 or slightly below. The analyst believes ETH is now gradually rebuilding momentum for its next move, and the direction should be confirmed by an hourly close outside that range. The current structure, he added, appears to favor buyers.
If the largest altcoin is indeed able to break through $2,530, Martinez noted that the next immediate target would be $2,700. The one after that would be at $2,822, where more than 10 million tokens were last transacted, making it a major supply zone that could trigger “a rejection or, at the very least, slow advance.”
ETF Still Green
The other piece of good news for ETH investors comes from the ETF net inflows. As reported yesterday, the past week was also quite beneficial for the funds tracking the altcoin, as they gained $218.41 million. In the past two weeks alone, the net inflows have skyrocketed to well over $1 billion.
Source: cryptopotato.com