Ethereum Holders Withdraw Massive Sums from Exchanges

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Crypto currency analyst Ali Martinez claimed that hundreds of thousands of Ethereum (ETH) have left crypto exchanges due to the leading smart contract protocol token holders accumulating it. Here are the price predictions for three altcoins from the crypto currency expert!

Exodus from Exchanges in ETH!

In his statements through social media platform X, Ali Martinez suggested that Ethereum might face a decrease in selling pressure after significant withdrawals from exchanges in less than a month, saying the following:

In the past three weeks, approximately 510,000 ETH have been withdrawn from known crypto exchange wallets, totaling around 1.22 billion dollars! This significant outflow indicates potentially less selling pressure in the market.

According to data from the crypto currency analytics platform Glassnode, the amount of Ethereum in exchanges reached just below the recent high of 14.4 million in December, but fell below 13.65 million by the end of January. Next, the analyst turns his attention to Ethereum’s rival Cardano (ADA). According to Ali Martinez, if history repeats itself and Cardano mimics its price movement from the end of 2020, the ninth-largest crypto currency by market value is likely to start its next market expansion in the coming months. The analyst stated the following on the subject:

If the patterns align and Cardano reflects its price behavior from the end of 2020, we can predict that ADA will remain in a consolidation phase until April 2024, setting the stage for the next bull rally!

Volatility Expected in DOGE

Ali Martinez also shared his views on the popular meme token Dogecoin (DOGE). The analyst pointed out that DOGE has been trading in a narrow range on the four-hour chart based on Bollinger Bands, an indicator used by investors to detect periods of potential increased volatility. According to the analyst, although it does not indicate the direction of the trend, it is only a matter of time before Dogecoin makes a significant move. Martinez said the following:

Dogecoin’s four-hour chart is experiencing the tightest squeeze since October 2023 on the Bollinger Bands, signaling that DOGE price volatility is indicative of an impending rise.