Ethereum Price Headed for a Big Breakout: Bullish Signals Emerge
The post Ethereum Price Headed for a Big Breakout: Bullish Signals Emerge appeared on BitcoinEthereumNews.com.
Key Insights: Ethereum price data shows Ethereum reserves on exchanges are falling. Analysts are debating whether ETH price could rise toward $10,000 after a correction. SWIFT is testing Ethereum’s Linea network with major banks in a pilot. Ethereum may be close to a major price move. On-chain data from CryptoQuant shows that ETH reserves on exchanges are falling, a trend that points to growing long-term holding. Meanwhile, analysts are watching whether demand will increase, with some projecting a rally toward $10,000. Notably, SWIFT’s test on Ethereum has added weight to the project’s current market outlook. Ethereum Exchange Reserves Point to Investor Confidence CryptoQuant has released a new view on the Ethereum price outlook. The firm disclosed that ETH reserves on spot exchanges have been dropping in recent weeks. This means that more coins are leaving exchanges and moving into personal wallets or staking platforms. There are a few reasons this can happen. Some investors move old holdings into self-custody. Others buy new ETH and then take it off exchanges. In rare cases, an exchange may create a new wallet, which can look like a withdrawal on-chain until it is labelled. CryptoQuant named the second reason as the main case. In this scenario, investors are buying ETH and then transferring it for long-term holding. Ethereum Reserve Outlook | Source: CryptoQuant This reduces the amount of ETH available for sale on exchanges. Lower reserves can prepare the ground for higher prices later if demand grows. Past examples give some insight. At one point, network congestion and high gas fees were followed by new demand, and ETH price rallied. Another period came during the FTX crisis, when many holders withdrew coins from exchanges. Later, better macroeconomic data pushed ETH upward. In the present case, exchange reserves are again falling while the price is…
