The drop in Ethereum exchange reserves to 2018 levels has sparked speculation on whether the price will soon hit $4,000, signaling a potential bullish trend for the cryptocurrency.
The latest insights on Ethereum price and on-chain data trends suggest that the crypto market is experiencing a strong start to the week. On Monday, November 20, Ethereum price reclaimed $2,000, signaling a bullish momentum in the market. Notably, investors have shifted 152,583 ETH into long-term storage since Blackrock’s official Spot ETF Filing on November 15.
Additionally, the Coinbase Premium Index has trended in Positive values for 5 consecutive days, indicating significant buying momentum among US-based corporate entities. On-chain analysis reveals that US-based corporate investors have reacted swiftly to Blackrock’s recent ETH filing, with a race to accumulate ETH evident in the market.
Moreover, Ethereum exchange reserves have dropped to a 5-year low, with investors moving 152,583 ETH off exchanges, bringing the total market supply to 14.3 million, the lowest in 5 years. This decrease in exchange supply implies a drop in the number of coins readily available to be traded, which could put upward pressure on ETH price, potentially leading it toward the $4,000 mark if the Spot ETF applications are approved by the SEC.
Overall, the recent data trends suggest that the Ethereum market is experiencing significant bullish movements, with potential for further price upticks if the current momentum continues.