Ethereum (ETH) has been on quite a ride lately, jumping up by 20.10% in just a week. This surge is partly due to a significant outflow of ETH from exchanges. It shows that holders are feeling more confident about their investments.
On November 10, the net transfer volume of ETH hit 128,000. Just to give you some context, over 361,000 ETH left exchanges on October 25. That’s a huge outflow! It signals that investors are moving their assets to personal wallets, which suggests they plan to hold onto their coins rather than sell them. When a lot of coins exit exchanges, it’s usually a good sign. On the flip side, if large amounts flow into exchanges, it might mean holders are preparing to sell.
Since that big outflow, the net transfer volume has been bouncing around between positive and negative. Reaching 128,000 on November 10 indicates a bit of uncertainty in the market, with both buying and selling pressures at play.
Now, let’s talk about whale activity. The number of wallets holding at least 1,000 ETH has started to rise again after a few weeks of decline. This trend reversal began on November 7, with the number of whales increasing from 5,527 to 5,558 by November 12. This renewed accumulation among whales suggests that large holders are becoming more confident in ETH’s price.
Tracking these whale wallets is important. Their actions can heavily influence market trends. When whales start buying, it often signals a potential price increase. Plus, their purchases can reduce the available supply on exchanges, which tends to push prices up.
As for ETH price predictions, after a solid rally, the price has faced a slight correction recently. The EMA lines still look bullish, with short-term lines above the long-term ones, indicating an overall upward trend. However, the price has dipped below the shortest EMA line, which could mean the current uptrend is losing some steam.
The closest resistance level for ETH is around $3,500. If it breaks through this level, we could see the price surge to $3,700. That would be a potential increase of 17.9% and its highest point since June. But if the trend reverses, ETH might retest support at $3,000. If that level doesn’t hold, the next support could be around $2,800.