Ethereum’s Great Escape: 1.09M Coins Flee Exchanges, Is a Price Surge Next?

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Ethereum‘s Great Escape: 1.09M Coins Flee Exchanges, Is a Price Surge Next? 💥

Ethereum price has been dancing around the $2,600 mark, but things are heating up as 1.09 million ETH, worth a whopping $2.9 billion, has abandoned centralized exchanges since February 2. According to Sanitment, this mass exodus is a bullish sign, as it reduces the available supply and selling pressure.

But wait, there’s more! On-chain and technical indicators are also flashing buy signals, hinting at a potential reversal of Ethereum’s bearish trend.

The 365-day MVRV Ratio: A Buyer’s Dream 🤑

The 365-day MVRV ratio, which tracks the average profit/loss of investors who purchased ETH in the past year, has dipped into the opportunity zone. This means that investors who bought ETH a year ago are, on average, experiencing a 17.48% loss. When this ratio dropped below -13.80% in September 2024, Ethereum’s price soared 88% in the following four months. Will history repeat itself? Only time will tell.

ETH/BTC RSI Hits the Jackpot 🎰

The monthly Relative Strength Index (RSI) of ETH/BTC has reached oversold levels for the first time in its history. As Bitcoin‘s price skyrocketed above $100K and Ethereum’s performance remained lackluster, the ETH/BTC ratio plummeted to 0.02. This unprecedented development suggests that the ETH/BTC sentiment has hit rock bottom and is due for a rebound.

Key Ethereum Price Levels to Watch 🔍

Ethereum currently trades around $2,700, with a 7% increase in the past two days. If the recovery gains momentum, keep an eye on the previous month and previous week’s VWAPs at $2,683 and $3,306, respectively. Overcoming these hurdles could pave the way for Ethereum to reach $4,000, a significant psychological level for profit-taking. With bullish Ethereum price predictions, we might even see a new all-time high at $5,000. 🚀

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2025-02-12 08:29