Unexpected facts are revealed by recent data from blockchain analytics startup IntoTheBlock on Ethereum, the second-largest cryptocurrency by market value.
Like it did today, IntoTheBlock usually publishes Ethereum and Bitcoin network statistics at the end of the week.
It tweeted that this week saw $906 million in ETH leave exchanges, making it the eighth week in a row that there have been net outflows of the second-largest digital asset. A chart that was posted shows that the total fees for the ETH network went up to $108.3 million, a 43.56% rise.
Recent weeks have witnessed a notable surge of withdrawals from Ethereum exchanges, indicating a positive attitude among investors. This implies that investors are hanging onto their coins by transferring them to cold storage rather than selling them, as more ETH is going out of exchanges than into them.
https://x.com/intotheblock/status/1763555500552011879?s=20
Exchange-side ETH outflows suggest a better future for the price of cryptocurrencies by indicating less selling pressure and more scarcity. In a year, Ethereum has increased by 105%, peaking on February 29 at $3521.
ETH price action
Ethereum’s breakout over the $3,030 barrier on February 25th indicated the beginning of the next upswing. The upswing gathered momentum, reaching highs of $3,521 during Thursday’s trading session.
Moving averages that are trending upward indicate that bulls are in charge, but an overbought zone on the RSI indicates that a minor retreat or consolidation is likely. As of this writing, ETH has dropped 1.05% to $3,447 during the previous day.
Having said that, a break and closure below 2,823 will be the first sign of weakness. This implies that traders are booking profits aggressively. After that, ETH may drop to $2,717 and eventually to $2,617, which is the daily MA 50.
However, if ETH manages to hold a close above the current $3,521 barrier, it may next go for the $4,000 mark.
