Cryptocurrency analyst and trader Ali Martinez says hundreds of thousands of Ethereum (ETH) are leaving crypto exchanges as holders accumulate the leading smart contract protocol’s native assets.
Martinez tells Its 43,400 followers on social media platform
“In the past three weeks, nearly 510,000 ETH have been withdrawn from well-known crypto exchange wallets, with a total value of approximately $1.22 billion!
This significant outflow indicates a strong one Ethereum holder sentiment and possibly less selling pressure in the market.“
Based on a chart citing data from crypto analytics platform Glassnode, it appears that the amount of Ethereum on exchanges reached a recent high of just under 14.4 million in December, but fell to under 13.65 million in late January.
Ethereum is trading at $2,316 at the time of writing.
Next up is Ethereum rival Cardano (ADA). According to Martinez, if history repeats itself and Cardano mimics the price action of late 2020, it will likely become the ninth largest crypto asset by market cap get started the next market expansion in the coming months.
“If the patterns align and Cardano reflects its price behavior from late 2020, we can expect ADA to remain in a consolidation phase until April 2024, paving the way for its next bull rally!”
Cardano is trading at $0.496 at the time of writing.
Martinez also offers his take on the top meme crypto asset Dogecoin (DOGE). The analyst say that DOGE appears to be trading within a tight range on the four-hour chart, based on the Bollinger Bands, an indicator traders use to spot potential periods of increased volatility.
According to the trader, it is only a matter of time before Dogecoin makes a big move, although he did not specify his directional preference.
“The Bollinger Bands on Dogecoin’s four-hour chart are experiencing their greatest pressure since October 2023, signaling an impending spike in DOGE price volatility.”
Dogecoin is trading at $0.0783 at the time of writing.
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Generated image: Midjourney