Ethereum is showing strong bullish signs, with the price breaking above its 200-period Simple Moving Average (SMA) on the 3-day chart — a historical indicator of impending upside momentum. This key threshold, currently at $2,700, suggests a critical inflection point in the market. 1 million ETH have been withdrawn from exchanges over the past month, according to Glassnode data shared by Ali. This substantial reduction in circulating supply indicates a decrease in selling pressure and an increase in investor confidence, as major holders are transferring their tokens into long-term cold storage.
These two factors, combined with rising market sentiment, suggest that Ethereum may be poised for a significant breakout. If prices continue to climb above $2,700, it could reignite the altcoin rally and solidify ETH’s position as a dominant force in the crypto market. Traders will watch closely for confirmation of this breakout and potential targets beyond $3,000.
The article ‘Ethereum Signals Strong Bullish Momentum as Exchange Supply Shrinks’ from Coindoo provides further insight into the current momentum in the Ethereum market.