Ethereum (ETH) whales are moving their funds from exchanges to self-custodial wallets, an apparently bullish trend for the digital currency.
Data from crypto analytics platform Santiment confirmed the trend, highlighting how the top whales’ wallets on exchanges are now at their 6-month low. Within the past 6 months, Ethereum’s price has had a very bullish showing, soaring 9.21%.
At press time, Ethereum’s price of $2,083 had printed a 2.13% overnight gain, with the market cap climbing by the same rate to $249,885,045,606. Ethereum’s bullish outlook is also anchored on the 11.59% jump in trading volume to $9,985,692,254.
Ethereum Whales Gaining Huge Momentum
Santiment’s data underscores a decisive move by Ethereum whales to explore other custody means other than the one provided by crypto exchange platforms. From at least November 29, 2022 to date, the supply of ETH held by the 10 largest non-exchange wallet addresses has been on a consistent uptrend.
Conversely, the 10 largest exchange wallets have seen a drop in the total supply held from the July levels.
In actual figures, the supply held by the 10 largest non-exchange addresses has surpassed 41 million ETH. This figure marks a historic high for Ethereum. Supply held by the 10 largest exchange wallets has dropped to 8 million ETH for the first time in 24 weeks.
? The largest #Ethereum wallets continue forming an encouraging pattern, with exchange wallets now reduced to 6-month lows (8.03M $ETH) and non-exchange wallets soaring to an #alltimehigh (41.03M $ETH). More and more coins continue moving to self custody. https://t.co/6zZAW8z5If pic.twitter.com/DczQb1LnD2
— Santiment (@santimentfeed) November 30, 2023
The move is bullish, as it generally reduces the selling pressure on Ethereum. This 6-month period also marked a time when ETH recorded impressive price actions, soaring up to $2,132 on November 10 on built-up sentiments about BlackRock’s filing for a spot Ethereum ETF product.
Ethereum Price: What is the Way Forward?
With the impressive on-chain insight shared by Santiment, top market analyst, Ali Martinez, dismissed the natural expectation of a sustained uptrend.
According to his analysis, the TD Sequential indicator is flashing a sell signal at a key resistance point. He predicted that if this signal holds true, Ethereum may experience a bout of selloffs that might trigger price reversal back to the $2,000 support level.
#Ethereum | The TD Sequential's track record speaks volumes! Its accuracy in predicting $ETH's price movements on the 4hr chart is noteworthy.
Currently, it's flashing a sell signal at a key resistance level. Should this signal hold true, we may see #ETH retracting and heading… pic.twitter.com/b6oAUws8E3
— Ali (@ali_charts) December 1, 2023
A new month has started with market traders designing their strategies to close the year on a stellar note. Analysis from experts like Martinez and insights from Santiment are pivotal.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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