Ethereum (ETH) price has been on a remarkable rally, gaining 20% over the past week. This rally has been fueled in part by a significant outflow of ETH from exchanges, suggesting growing confidence among holders. Whale accumulation has also picked up, hinting at increasing bullish sentiment.

However, with recent minor corrections, ETH is now at a pivotal point, testing its support and resistance levels to determine its next move.

ETH Net Transfer Volume Reached 128,000 On November 10

ETH has been on a strong rally, climbing 20.10% in the past 7 days. More than 361,000 ETH left exchanges on October 25 – a substantial outflow that pointed towards growing confidence among holders before the current rally.

Such a large movement typically suggests that investors are moving their assets to personal wallets, hinting that they may be planning to hold rather than sell.

When a lot of coins leave exchanges, it’s generally bullish because it indicates users are less likely to sell. Conversely, when large volumes of coins flow into exchanges, it can be bearish, as holders might be preparing to sell.

Since October 25, the net transfer volume to and from exchanges has been fluctuating between positive and negative, reaching 128,000 on November 10. This indicates uncertainty, as the market is experiencing a mix of buying and selling pressure.

Ethereum Whales Are Accumulating Again

After weeks of decline, the number of whales holding at least 1,000 ETH has finally started to rise again. This trend reversal began on November 7, and the number has been climbing consistently day after day—from 5,527 on November 7 to 5,558 on November 12.

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Author: Tiago Amaral