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📌 Some $122 million dollars of Ethereum (ETH) has disappeared from the wallets of prominent cryptocurrency exchanges in just three weeks: analysts.

Cryptocurrency analyst and trader Ari Martinez said hundreds of thousands of Ethereum (ETH) has been withdrawn from cryptocurrency exchanges as holders shelve the native assets of major smart contract protocols. Dogecoin

– Cryptocurrency analyst and trader Ari Martinez said hundreds of thousands of Ethereum (ETH) has been withdrawn from cryptocurrency exchanges as holders shelve the native assets of major smart contract protocols.

Martinez told 43,400 subscribers on social network X that Ethereum could be under less selling pressure after the crypto asset recorded a significant outflow from exchanges in less than a month.

In the past three weeks, around 510,000 ETH totaling around $1.22 billion has been withdrawn from the wallets of prominent crypto exchanges.

This significant outflow indicates that sentiment among Ethereum holders is strong and selling pressure in the market may be easing.”

According to a chart based on data from crypto analytics platform Glassnode, Ethereum volume on exchanges reached a recent high of 14.4 million in December, but fell below 13.65 million by the end of January.

At the time of writing, Ethereum was trading at $2,316.

Ethereum’s next rival is Cardano (ADA). According to Martinez, if history repeats itself and Cardano repeats its late 2020 price dynamics, the ninth largest crypto asset by market capitalization will likely begin its next market expansion in the coming months.

If history repeats itself and Cardano repeats the late 2020 price dynamics, ADA will remain in a consolidation phase until April 2024, setting the stage for the next bull rally.”

At the time of writing, Cardano is trading at $0.496.

Martinez also gives his opinion on Dogecoin (DOGE), a crypto asset that has become a meme. According to the analyst, Dogecoin appears to be trading in a narrow range on the four-hour chart based on Bollinger Bands, an indicator used by traders to identify periods of potential increased volatility.

According to this trader, it’s only a matter of time before Dogecoin makes a big move, but he doesn’t specify the direction.

“The Bollinger Band on the 4-hour chart of Dogecoin is experiencing its strongest decline since October 2023, suggesting that Dogecoin price volatility will increase in the coming days.”

Bitcoin

Bitcoin

$63,470.43

BTC 2.65%

Ethereum

Ethereum

$3,481.45

ETH 1.41%

Binance Coin

Binance Coin

$415.09

BNB 1.07%

XRP

XRP

$0.62

XRP -2.07%

Dogecoin

Dogecoin

$0.15

DOGE 9.27%

Cardano

Cardano

$0.73

ADA -0.44%

Solana

Solana

$130.41

SOL 0.20%