On-chain data indicates that a significant amount of Ethereum has been withdrawn from exchanges, potentially signaling a bullish trend for ETH's value. Analyst Ali Martinez highlights this through the "Exchange Reserve" metric, which tracks the total Ethereum in centralized exchange wallets.
The recent large outflows suggest investors are accumulating ETH, potentially indicating a rise in its price. Around 300,000 ETH, roughly $754 million, have been withdrawn recently, likely by whale entities, especially following a price dip from $2,700.
There's an optimism that Ethereum might benefit from these withdrawals. The ETH price has already rebounded above $2,500. Moreover, the Market Value to Realized Value (MVRV) Ratio of Ethereum indicates average profitability but not high enough for a top.
At the time of writing, Ethereum trades around $2,500, having fallen 6% in the past week.
