A historic shift in Ethereum's exchange flux balance has turned negative, indicating a strong comeback for $ETH. This change suggests that investors are pulling their ETH off exchanges in large amounts, potentially holding for the long term rather than planning to sell.
*Key Insights* 🔍
- *Exchange Flux Balance*: Measures the net flow of ETH into and out of crypto exchanges. A negative balance indicates more ETH is leaving exchanges, often a sign of investor confidence and accumulation.
- *Decreasing Supply*: ETH balances on exchanges are at their lowest level in nine years, with only about 15.72 million ETH currently held on trading platforms.
- *Bullish Signals*: Multiple indicators point to a potential breakout, including a bullish falling wedge pattern and a bull pennant.
*Price Outlook* 📈
- *$4,500 is Key*: ETH needs to break above $4,500 and turn that level into support to continue its uptrend.
- *Potential Targets*: $5,766, $6,658, and even $9,547 based on Fibonacci retracement levels.
#EthereumBullish #ETH #CryptoMarket #BullRun #ExchangeOutflows
