Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours.\u00a0<\/p>\n
As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances.\u00a0<\/p>\n
Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout<\/a> level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.<\/p>\n ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock <\/a>put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone<\/a>, whales bought more than 100,000 ETH worth $230 million.\u00a0<\/p>\n This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum\u2019s total supply currently sits on exchanges, the lowest it has ever been.\u00a0\u00a0<\/p>\n As #Ethereum<\/a>\u2018s market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH<\/a> has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https:\/\/t.co\/Fw7lKcVZan<\/a> pic.twitter.com\/AMFPDL4BXp<\/a><\/p>\n \u2014 Santiment (@santimentfeed) December 19, 2023<\/a><\/p>\n ETH has failed to clear the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, ETH is now trading at $2,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.<\/p>\n According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout to a target of $3,500.\u00a0\u00a0<\/p>\n #Ethereum<\/a> is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.<\/p>\n The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH<\/a> sets its sights on a higher target of $3,500. pic.twitter.com\/6lGZT0ZKgv<\/a><\/p>\n \u2014 Ali (@ali_charts) December 20, 2023<\/a><\/p>\n Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish<\/a>. According to crypto analyst Altcoin Daily, ETH\u2019s journey to $10,000 seems sure at the moment<\/a>, pending Ethereum Spot ETFs<\/a> a major catalyst for this price growth.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours.\u00a0<\/p>\n As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances.\u00a0<\/p>\n Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout<\/a> level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.<\/p>\n ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock <\/a>put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone<\/a>, whales bought more than 100,000 ETH worth $230 million.\u00a0<\/p>\n This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum\u2019s total supply currently sits on exchanges, the lowest it has ever been.\u00a0\u00a0<\/p>\n As #Ethereum<\/a>\u2018s market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH<\/a> has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https:\/\/t.co\/Fw7lKcVZan<\/a> pic.twitter.com\/AMFPDL4BXp<\/a><\/p>\n \u2014 Santiment (@santimentfeed) December 19, 2023<\/a><\/p>\n ETH has failed to clear the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, ETH is now trading at $2,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.<\/p>\n According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout to a target of $3,500.\u00a0\u00a0<\/p>\n #Ethereum<\/a> is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.<\/p>\n The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH<\/a> sets its sights on a higher target of $3,500. pic.twitter.com\/6lGZT0ZKgv<\/a><\/p>\n \u2014 Ali (@ali_charts) December 20, 2023<\/a><\/p>\n Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish<\/a>. According to crypto analyst Altcoin Daily, ETH\u2019s journey to $10,000 seems sure at the moment<\/a>, pending Ethereum Spot ETFs<\/a> a major catalyst for this price growth.<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34357","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34357"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34357\/revisions"}],"predecessor-version":[{"id":34362,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34357\/revisions\/34362"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34357"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Ethereum Exchange Supply Plummets<\/h2>\n