Loads of Ethereum (ETH) withdrawn from exchanges: Is a rise coming?

With the withdrawal of 361 thousand Ethereum (ETH) from exchanges, bullish signals increased.

The Ethereum ($ETH ) price has increased by more than 7 percent in the last seven days. However, the movements of large investors (whales) continue to remain cautious.

From a technical perspective, the EMA lines are in an upward trend. This shows that the momentum may continue. If the uptrend continues, ETH may target higher levels. However, if the trend weakens, critical support levels may be tested.

The net transfer volume of ETH to exchanges reached positive values ​​​​on October 29, and 35,000 ETH was transferred to exchanges. This is usually a situation that indicates selling pressure. Because investors transferring their assets to exchanges may indicate that they are preparing to sell. Increasing supply on exchanges can usually create short-term selling pressure on the price. However, the general outlook paints a different picture. On October 25, 361,000 ETH was withdrawn from exchanges. This was the largest outflow since May 30.

Although ETH has increased by 7.54 percent in the last week, whale movements indicate that large holders are still undecided. The number of addresses holding at least 1,000 ETH has continued to decrease since the beginning of October. This number, which was 5,614 on October 1, fell to 5,534 as of October 30.

Although there was a short-term increase in the number of whales on October 25 with a large amount of ETH being withdrawn from exchanges, this number is on a downward trend again.

It is important to follow whale activity because these large investors can have a critical impact on the market. The decrease in the number of wallets holding more than 1,000 ETH indicates a lack of confidence among large investors, suggesting that potential buying support may be decreasing.

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