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Historic ETH Exchange Outflow Signals Strong Holder Sentiment
On February 8 and 9, 2025, a substantial sum of 224,410 is anticipated. The withdrawal of ETH from exchanges marked the largest single-day outflow in almost 23 months. The movement suggests that investors are opting for long-term ownership of Ethereum. ETH is being stored in personal wallets instead of exchanges, leading to a decrease in supply for quick sales. Only 9.63 million ETH were remaining on exchanges as of February 11, marking the lowest level since August 29, 2024. A decrease in ETH availability on exchanges could result in reduced market liquidity and elevated prices.
Whale Movements Show Growing Institutional Interest
Two large whales of the Ethereum type, totaling 49,250, pulled them out on February 11, 2025. ETH was purchased from Binance and Bitfinex for approximately $131 million. One whale took out 25,000. ETH from Binance and another company withdrew 24,250. ETH from Bitfinex. 2% more than before, with these withdrawals leading to an increase in the number of active Ethereum addresses by 650,000 users. In addition, the total value of Ethereum's DeFi protocols jumped 1.2% to $54 billion, reflecting an increase in interest. Additionally, The growth of whale populations exceeding 10,000 individuals.? ETH suggests that investors are confident in Ethereum's long-term future, despite recent market difficulties.
Technical Analysis: Resistance and Support Levels for Ethereum
ETHUSD traded in a narrow range between $2891 and $2522 for the past week. Overall trend remains bullish as long as support of $2000 remains intact. The key near-term resistance is at $2770 any breach above targets is $3000/$3400/$3600/$3800/$4000. A robust bullish trend will only materialize above $4100.
Immediate support is around $23000. Any violation below will drag the price down to $2000. A breach below $2000 could see Ethereum plummet to $1,800.
It is good to buy on dips around $2300 with a stop loss of around $2000 for a TP of $4000.
