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Ethereum Exchange Outflows Surge to Multi-Month Highs, Fueling Speculation of Price Rally
Ethereum Exchange Outflows Reach Record Levels
Recent data shows a significant surge in Ethereum (ETH) being withdrawn from cryptocurrency exchanges, with 108,521 ETH worth over $418 million moved on December 14. This marks the highest daily outflow since March 13, indicating a shift towards holding rather than selling ETH.
This uptick in outflows is a bullish sign, suggesting a potential decrease in selling pressure and paving the way for a price rally if buying activity picks up.
RSI Indicators Point to Bullish Momentum
ETH’s Relative Strength Index (RSI) currently sits at 60.22, signaling stable demand for the cryptocurrency. With values above 70 typically indicating overbought conditions, ETH’s RSI at 60.22 suggests a moderately bullish sentiment with room for further price appreciation.
ETH Price Prediction: Targeting $4,000 Resistance
Currently trading at $3,866, ETH is approaching a key resistance level at $4,069. If selling pressure continues to diminish, ETH could break above this barrier and aim for its previous all-time high of $4,936 set in November 2021.
However, a resurgence in profit-taking could derail this bullish outlook, potentially leading to a price drop to $3,388.
Disclaimer
This article serves as informational content and does not constitute financial advice. Market conditions can change rapidly, and readers are advised to conduct their own research and seek professional guidance before making investment decisions. BeInCrypto remains committed to providing accurate and unbiased reporting.