Ethereum exchange reserves are dropping dramatically, suggesting a supply shock, ETH seeing $ 8,000

Over 400,000 ETH were removed from the Exchange des Coins, which depleted reserves and led to a supply shortage. Analysts who are positive about ETH believe it will soon rise above $ 5,000. With increased capital inflows, institutional investors have a positive view of Ethereum. As the outflow increased, the Ethereum reserves on the exchanges have declined.

Image source: Nairametrics

Coinbase has detected a significant outflow from Ethereum

Coinbase reported a withdrawal of 400,000 Ethereum tokens, and CryptoQuant, a community-run crypto platform, believes the outflow was likely institutional. According to analysts, the effects on ETH prices are expected to be favorable.

The second largest cryptocurrency exchange withdrew 400,000 Ethereum tokens valued at $ 1.5 billion. The exchange outflow indicator shows that Ethereum is experiencing a significant outflow and supply gap.

In the past two weeks, the price of Ethereum has increased by about 20 percent. There has been a noticeable increase in whale activity on the Ethereum network. In a single transaction, over $ 188 million in Ethereum was transferred between two anonymous cryptocurrency wallets.

The transaction was started by a strange whale and transmitted to an unknown recipient. Below are the details of the transaction: With the announcement that the Securities and Exchange Commission will approve a Bitcoin ETF next week, analysts are looking forward to Ethereum’s time. Analysts assume that the approval of the Bitcoin ETF would accelerate capital inflows into Ethereum and other cryptocurrencies.

@ jroberts3334, a pseudonymous cryptocurrency trader and expert, has set a goal of $ 8,000 for Ethereum in February 2022.

How surprised, good or bad?

– Sebastian Eibl (@EiblSebastian) October 14, 2021

Mr. Dedic, the Managing Partner at Moonrock Capital, tweeted:

$ ETH is only 13% away from breaking its previous ATH and entering parabolic pricing.

– Simon Dedic (@scoinaldo) October 16, 2021

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Also read: Mark Cuban says no to Bitcoin ETF

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