Santiment: The amount of Ethereum on crypto exchanges has fallen to a historic low

The amount of Ethereum ETH $2,733.50 Bridged Ether (StarkGate) 1.74% Market capitalization $0.24 billion VOL. 24 hours $0.89 billion on centralized exchanges has dropped to a historic low, reaching only 6.38% of the total coins in the network. Santiment analysts believe that this trend indicates a strategic accumulation of ETH by investors who prefer to keep the asset in cold wallets rather than sell it on the market.

Despite the general decline in the cryptocurrency market, the leading altcoin is showing signs of recovery, outperforming most altcoins. The price increase allowed the asset to reach a 12-day high. In turn, this may indicate the possible formation of an uptrend in the medium term.

Analysts also note that such a massive outflow of coins from exchanges could be a catalyst for further growth of the ETH rate. Low liquidity on exchanges combined with high demand creates conditions for a shortage of coins, which usually contributes to an increase in the value of the asset.

Earlier, 10x Research experts said that Ethereum has the potential to grow above $ 3,000. This is confirmed by the Relative Strength Index (RSI), which signals the oversold of the asset and the possible start of a new growth phase.