- Only 6.38% of ETH’s total supply remains on exchanges, the rest being sent to cold wallets.
- Analyst Ted Pillows predicted that ETH could soon soar to $4,000 using an ascending triangle pattern.
- The ETH price action is currency consolidating in the $2,400-$2,800 price zone.
Ethereum (ETH) is showing strong signs of accumulation and potential for an upcoming price surge.
On-chain data indicates record-low exchange supply, suggesting a possible bullish breakout in the coming days and investors’ sentiment is also turning bullish.
Blockchain analysis platform, Santiment, reports Ethereum is being moved off exchanges and into cold wallets swiftly. Only 6.38% of ETH’s total supply remains on exchanges, marking the lowest level since its inception. This declining exchange supply is a bullish signal alongside a positive shift in community sentiment.
While ETH underperformed compared to other large-cap cryptocurrencies in 2024, renewed interest in February suggests anticipation of a potential rebound.
Ethereum to $4,000? Analyst Sees Bullish Chart Pattern
In addition, crypto analyst Ted Pillows posted a 2-week ETH/USDT chart on X platform highlig…
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Source: https://coinedition.com/ethereum-eth-price-prediction-for-february-20-will-bulls-break-resistance/