🚀 #521 ETH worth over $418 million left cryptocurrency exchanges in a single day—marking the largest outflow since March 13, according to Glassnode.
Why does this matter?
Reduced Selling Pressure: Investors pulling ETH off exchanges typically signals long-term holding over selling, creating a foundation for price growth.
Supply Squeeze: With fewer tokens available on exchanges, any uptick in demand could ignite a rally.
Such massive outflows historically precede bullish price action, and this time could be no different.
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📊 Market Indicators Favor a Bullish Breakout
1️⃣ Relative Strength Index (RSI): 60.22
The RSI, a momentum oscillator measuring overbought and oversold conditions, currently places ETH in a moderately bullish zone.
RSI values above 70 indicate overbought territory and potential for a pullback.
At 60.22, ETH has room to grow, suggesting an upward price movement is more likely than a decline.
2️⃣ Key Resistance: $4,069
ETH is trading around $3,866, just below its crucial resistance level at $4,069. Breaking this barrier could open the door to reclaiming its all-time high of $4,936, last reached in November 2021.
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🚀 Price Prediction: $4,000+ in Sight?
Here’s what could happen next:
Bullish Scenario: Weakening selling pressure and sustained demand could drive ETH past $4,069, targeting the $4,400–$4,600 range in the near term.
Bearish Risk: If holders begin profit-taking, ETH might retreat to support around $3,388.
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Why This Matters for Traders
Long-Term Holders Are Betting Big: The significant outflow indicates confidence in ETH’s future, reducing short-term selling pressure.
Opportunity for Bulls: With RSI in a safe zone and exchange balances declining, the odds favor a strong upside rally.
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What Should You Do?
This could be the calm before the storm for Ethereum. Stay alert, track key levels, and be ready to act when ETH makes its next move.
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