More than 400,000 listed on the Coinbase exchange ETH it was sent to a different wallet and the reserves on the exchange dwindled. The size of the amount coming out of the stock market created a supply crisis in the stock market.
After the reserve crisis in Ethereum, eyes turned to ETH prices. Network fees remained above $20 due to the pressure from smart contracts on the Ethereum network, as well as the reserve crisis in ETH.
Ethereum Analysts, who are optimistic about the issue, evaluated this situation and interpreted that it is possible for the ETH price to rise above $ 5000 in the face of these developments.
Coinbase Draws Attention To The Large Amount Of Ethereum Leaving The Exchange!
Coinbase stated that 400,000 Ethereum has been withdrawn. According to community-focused CryptoQuant, these exits are likely to be the result of corporate activity. Analysts expect an increase in ETH price after this event on the institutional side. We would also like to remind you that 400,000 ETH is currently worth approximately 1.5 billion dollars.
Ethereum Is Up Over 20% In The Last Two Weeks!
While the Ethereum network has continued to rise by over 20% in the last two weeks, an increase in whale activities on the network has not gone unnoticed. In one of the most recent whale activities, approximately $188 million in ETH was transferred between two anonymous wallets.
After the news that the Bitcoin ETF will be approved by the Securities and Exchange Commission (SEC) next week, experts expect Ethereum to be among the next approvals. Analysts are of the opinion that capital inflows to Ethereum and altcoins will increase following the approval of the Bitcoin ETF.
My target for ETH is 7600/8000 by Feb. The Altair upgrade is coming quickly on Oct 27. The merge of POW/POS and L2 upgrades are coming quicker than people realize – I believe it will coincide nicely with this next leg higher in BTC (after 1 more possible dip).
— jrob 🍌₿ Ξ (@jroberts4334) October 14, 2021
According to a trader and analyst who anonymously shared the analysis with the username @jroberts4334, the price of ETH will approach $8000 by February 2022.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.