ETH Withdrawals Surge to $1.2B Weekly as Price Nears 3-Month High

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com In the last seven days, Ethereum (ETH) has defied market odds and reversed its price trajectory, rallying to a level last seen in mid-February 2025.This surge in the value of the second-largest cryptocurrency comes amid aggressive accumulation from market participants and declining sell-side pressure.ETH Records Large Exchange WithdrawalsAccording to a tweet by the institutional-grade decentralized finance (DeFi) platform Sentora (previously IntoTheBlock), ether has witnessed an intense and sustained trend of net outflows from centralized exchanges since the beginning of the month.Ethereum investors have withdrawn more than $1.2 billion worth of ETH from trading platforms within the last seven days. This happened just as ETH recorded a 52% rally in its price, jumping from less than $1,800 to at least $2,730. Massive accumulation trends like this often signal that investors are moving their assets off exchanges to hold in the long term, hoping for significant price appreciation.ETH has remained dormant for most of this bull cycle, and this has caused investors and market participants to dismiss its bullish potential for this season. However, the asset’s sudden breakout from a resistance zone that has held it down for months triggered a shift in market sentiment.Investor sentiment moved from fear, uncertainty, and doubt (FUD) due to ether’s underperformance to the fear of missing out (FOMO) as traders scrambled for entry points amid the rally. As more traders try to get into the market, demand for ETH will increase. With sell-side pressure decreasing amid massive withdrawals from exchanges, ETH is bound to experience higher surges in the near term.Most ETH Holders in ProfitEther’s ongoing price appreciation has increased the percentage of addresses holding the cryptocurrency in profit to more than 60%. This is a significant development compared to 32% of addresses in profit roughly a month ago.While most analysts believe ether’s rally is not just the result of a short squeeze, others have warned that the asset could consolidate between $2,400 and $2,700 before its next leg up. Nevertheless, on-chain analyst Ali Martinez has identified the range between $2,060 and $2,420 as the most crucial support floor for ETH. Here, there are 10 million wallets holding more than 69 million ETH.SPECIAL OFFER (Sponsored)Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!Source link