Data from blockchain analytics platform IntoTheBlock indicates that approximately 327,000 ETH have left the exchange over the past seven days.
The same on-chain analytics firm notes that the second largest cryptocurrency has seen seven consecutive days of outflows from crypto exchanges.
$ETH has seen 7 days of continuous outflows from exchanges.
As the price increases, the supply available to buy from exchanges has been decreasing non-stop in 2021.
Over 327,000 ETH left exchanges since Feb 22nd. 👀 pic.twitter.com/3Jrjab4vjJ
— IntoTheBlock (@intotheblock) March 1, 2022
The recent movement and migration of Ethereum currencies from trading platforms followed the same trend before, which is represented in the declining balance of trading platforms starting from 2021, which coincided with a rise in the price of Ethereum.
Additionally, there are a number of bullish fundamentals lining up with each other, and recent data shared by the “Glassnode” data aggregator shows that the total locked value in the Ethereum 2.0 deposit contract has just reached an all-time high of 9,698,594 ETH.
Over the weekend, Ethereum reached another milestone as the number of Ethereum 2.0 validators approached 300,000.
Amidst an ongoing transition, Ethereum network participants are preparing to move from PoW to a protocol that relies solely on the Proof of Stakes (PoS) consensus algorithm.
The bullish sentiment from Ethereum received a positive boost as the Ethereum balance continues to decline in the trading platforms as investor optimism increases.
Outflows to trading platforms have grown as a result of the recent recovery in the cryptocurrency market.
Ethereum dropped to the $2,300 support on February 24 but was met with strong buying from investors.
The largest cryptocurrency continued to gain for the third consecutive day, hitting an intraday high of $3,045 on March 2.
But it has now fallen to levels of $2900.
Cross-chain data from IntoTheBlock shows that as long as Ethereum remains trading above $2800, Ethereum has a good chance of recovering and moving further because there is not much resistance ahead.
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