On-chain analytics show the amount of ETH on exchanges is rapidly declining, which could be a bullish sign
According to IntoTheBlock, nearly $7.5 billion worth of ETH (at the current exchange rate) has left centralized exchanges since January. The on-chain analytics firm reports that nearly 2.56 million ETH have left centralized exchanges in just four months in 2022.
Due to the volatility seen in April, Ethereum price ended the previous month down 17% as it tested lows of around $2,716 at the April close. On-chain analysis shows that the amount of ETH on exchanges is rapidly decreasing, which could be a bullish sign.
This may appear to indicate that ETH investors are in it for the long term, drawing from historical returns. As a result, the constant migration of coins to cold wallets could signal long-term price swings. This is because whale investors frequently send cryptocurrencies away from exchanges to hold them for a long period.
At press time, Ethereum was trading at $2,923, slightly up over the past 24 hours. After hitting an all-time high of around $4,891 on November 16, 2021, Ethereum remains down 40.18% from that peak.
Ethereum acceptance grows
Acceptance of Ethereum as a payment method is increasing. The owner of a $6.5 million Greenwich estate is willing to accept cryptocurrencies, namely Bitcoin or Ethereum, as payment for the property. The listing is the first of its kind in that upscale Connecticut town, according to the sales agent. Bentley University has become one of the first universities in the United States to accept cryptocurrencies for tuition payments and donations, including Bitcoin, Ethereum and the stablecoin USD Coin.
As previously reported by U.Today, Geoffrey Kendrick, Head of Crypto Research at UK banking giant Standard Chartered, believes that Ethereum price can still reach an ambitious long-term target of $35,000.
According to Kendrick, the imminent transition to proof-of-stake dubbed the Merge will certainly benefit Ethereum’s price. After a series of delays, the much-anticipated network upgrade is slated to happen later this year, according to reports.
