Ethereum on-chain data shows more than 1.2 million ETH has exited exchanges over the past two weeks, a sign that could be bullish for the price of the crypto.
Ethereum Exchange Reserve Has Observed Significant Decline In The Last Couple Of Weeks
As pointed out by an analyst in a CryptoQuant post, the ETH exchange reserve has lost over 5% in value in just the last fourteen days.
The “all exchanges reserve” is an indicator that measures the total amount of Ethereum present in wallets of all centralized exchanges.
When the value of this metric goes down, it means investors are withdrawing a net amount of coins right now. Such a trend can be bullish for the price of ETH as holders usually take their crypto off exchanges for accumulating them.
On the other hand, an increase in the reserve implies investors are depositing Ethereum at the moment. Since holders usually transfer their coins to exchanges for selling purposes, this kind of trend may prove to be bearish for the crypto’s price.
Now, here is a chart that shows the trend in the Ethereum exchange reserve over the past few weeks:
Looks like the value of the indicator has sharply dropped off recently | Source: CryptoQuant
As you can see in the above graph, the Ethereum exchange reserve has observed significant decline during the period.
In just over the last couple of weeks, the metric’s value has gone from about 24.7 million ETH to around 23.5 million ETH.
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