Ethereum Outflows Set Stage for Massive End-of-Year Price Boost
Recently, a significant event unfolded in the exciting world of Ethereum. Around 110,000 ETH, which is equivalent to a whopping $181 million, was moved away from cryptocurrency exchanges in a single day. This is the largest one-day move we’ve seen since August, and it has resulted in a new record: a total of 115.88 million ETH is now being held outside of exchanges.
Bright Months Ahead!
This Ethereum movement comes just in time for a historically good period for the crypto market in December and January. An analyst called Altcoin Sherpa has noted that these two months tend to be strong for both Bitcoin and Ethereum.
Even when times are tough in the market, Bitcoin and Ethereum have managed to go up in value during December and January in recent years. Something interesting to notice is that the ETH/BTC ratio usually goes up during this time, which means people are more interested in altcoins.
The data we have suggests that people are feeling optimistic about Ethereum, and they’re getting ready for the usual end-of-year price boosts.
Also Read: K33 Research Flips on Ethereum, Advises Investors to Shift to Bitcoin
Bullish Sentiments for Ethereum?
But there’s a twist this time. The overall situation in the crypto world is quite different from previous years. There are ongoing problems in the broader cryptocurrency industry, making people cautious about saying for sure that things will turn around.
However, when we look at the data about how much Ethereum is being held on exchanges, it seems people are getting more confident. This could set the stage for Ethereum to do better than Bitcoin during the holidays.
Good times are coming!
If the usual good vibes around this time of year come into play, Ethereum’s recovery could get a real boost. But we also need to remember that the success of this rally depends on how long the problems in the wider economy stick around.
Right now, Ethereum is trading at about $1,620. In the last 24 hours, its value dropped by 1.2%. Ethereum did reach $1,750 for a brief moment when Bitcoin went past $28,000, but it couldn’t keep up and has since gone down in value.
Read More: Ethereum Price Analysis: ETH Price On The Path Of Rally To $2,000?
