ETH bullish sentiment received a boost as Ethereum balance declines on exchanges
Data from InTheBlock analytics indicate that nearly 327,000 ETH left exchanges in the past seven days. The on-chain analytics firm notes that the second-largest cryptocurrency has seen seven consecutive days of exits from exchanges. This follows the downward trend in the exchange balance seen from 2021 as the price of Ethereum rose.
A number of bullish fundamentals are lining up for Ethereum, and recent data shared by Glassnode data aggregator shows that the Total Value Locked in the ETH 2.0 Deposit Contract just reached an ATH of 9,698,594 ETH.
Over the weekend, the Ethereum protocol reached another milestone as the number of Ethereum 2.0 validators approached the 300,000 marks. Amid an ongoing transition, participants in the Ethereum (ETH) network are preparing to move from a proof-of-work (PoW) system to a protocol that relies solely on the Proof-of-Stake (PoS) consensus algorithm. ).
ETH price action
ETH bullish sentiment received a boost as the Ethereum balance continues to decline on exchanges following improved investor optimism. Outflows to exchanges have grown as a result of the recent rebound in crypto markets.
Ethereum had dipped to the $2,300 support on Feb. 24, but was faced with buying from investors. The largest altcoin continued to print gains for the third day in a row, hitting an intraday high of $3,045 on March 2. At press time, Ethereum has added almost 2% in 24 hours and is currently trading at $2,980, according to data from CoinMarketCap. .
ETH’s strong bullish acceleration rose well above the key barrier at $2,800, with the psychological barrier of $3,000 close by, which might open the way for a retest of the January high at the $3,894 level.
String data of InTheBlock shows that as long as ETH is trading above $2,800, ETH has a good chance of recovering and advancing further as there is no major resistance ahead.
