Over 180,000 Ethereum (ETH) tokens have been pulled out from centralized exchanges in the last 24 hours, as traders seek to preserve their cryptocurrency in expectation of bullish price action.
According to a March 18 tweet from crypto market analysis site IntoTheBlock, more than $500 million worth of Ethereum was withdrawn on March 16 across a number of different CEXs (including Binance, Kraken, and Crypto.com).
The price for one ETH at the time of analysis was $2,590.40. This made it the largest withdrawal in the past year.
Ethereum Exit Signs of Bullishness
This figure represents the largest aggregated ETH exchange withdrawal since October this year, according to the company. At the time, total ETH withdrawals coincided with a 16% increase in the cryptocurrency’s price during a ten-day period.
Ethereum is the second-largest cryptocurrency in terms of market capitalization, behind Bitcoin.
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It is a decentralized computing platform capable of running a broad range of applications, including a plethora of decentralized finance (or DeFi) apps and services.
The Ethereum blockchain already functions everything, including financial tools and games as well complex databases.
And its future possibilities are only constrained by developers’ ideas. The Ethereum Foundation (a non-profit organisation) puts it this way:
“Ethereum is more than just a payment system. It’s a marketplace for financial services, games, and applications that cannot steal your data or censor you.”
Investors in Ether are facing a tough time in 2022. ETH is down 25% since March 17th.
The cryptocurrency is still recovering well, with many instances of it nearing $2,500 in the past few months, which indicates a high support level. Since March 19, ETH had risen to $2934, as of March 19.
Source: TradingView.com| Source: TradingView.com
The Blockchain as Proof of Work
Tim Beiko, developer of the Kiln testnet — formerly Ethereum 2.0 — reported on March 15 that the Ethereum “Merge” had been successfully completed.
The procedure entails separating Ethereum’s Execution Layer from the existing proof-of-work layer and combining it with the Beacon Chain’s Consensus Layer.
Our ultimate goal is to transform the blockchain into a proof-of–stake network.
Meanwhile, ETH has increased by 18% over the last week, making it the only top-10 cryptocurrency by market cap to notch double-digit percentage gains, aside from Avalanche (AVAX).
Ethereum Market Capswells
The announcement of Ether’s largest outflow came just one day after Finbold reported on Ethereum’s market capitalization increasing by more than $20 billion in a week.
According to CoinMarketCap data, Saturday’s market cap for the second largest crypto was $350.65 billion.
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Featured Image from nippon.com. Chart by TradingView.com