Ethereum Near $3000 As Exchange Outflows and Whale Buying Rises This Week

Ethereum (ETH) price teases to break $3000 as it rises 14% within a week and more than 5% in the last 24 hours. Major contributing factors fueling the bullish momentum are Ethereum price action breaking the bearish channel, increased exchange outflows, and rising interest from whales.

Data from analytics firms IntoTheBlock, Santiment, and Chainalysis reveals bullish sentiment among investors promoting ETH price gains. With institutional and retail investors intending to hold and avoid selling, considering the present scenario, ETH price is going to push upwards.

Ethereum Data From Analytics Firms

IntoTheBlock’s data reveals the most significant outflows from the crypto exchanges since 2022 as above 180,000 ETH were moved within a period of 24-hour. An increase in outflows from the major crypto exchanges including Coinbase, Kraken, and Binance was recorded this week. The firm also announced in the tweet:

“Last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days. 190k ETH was also deposited into Lido’s stETH liquid staking.”

Ethereum’s price action is also a significant contributor to the price increase this week.

Since November, the ETH price was moving within the channel. However, it has now broken the channel above the level to move higher towards $3000. The trend could break the psychological resistance levels of $3200 to move even higher if the interest among whales and outflows from exchanges continues in the coming week.

Data from on-chain analytics platform Santiment also reveals a bullish stance on Ethereum. It shows a rise in the price of Ethereum above $2900 for the first time in March as whales activity sees an uptick in the week. It reports:

“Yesterday was the first day with over 7,000 $100k+ transactions on the $ETH network since the #war news broke.”

On-chain analytics firm Chainalysis data estimates a total of 352,317 ETH outflow from exchanges, large in at least six months. Such large outflows are a contributing factor for the bullish indications.

Ethereum Price as a result of NFT activity, ETH 2.0, and ERC-20 ApeCoin Launch

Ethereum-dominated NFT space is witnessing a rise in NFT activity as major firms and brands including firm American Express, Meta, L’Oréal, and Spotify foray into the NFT and metaverse space.

Ethereum merged on the Kiln testnet earlier this week, which is supposed to be the last before the transition to ETH 2.0. Moreover, as per the current price of Ethereum, the TVL under the deposit contract of ETH 2.0 is now at around $30 billion.

Furthermore, the launch of the ERC-20 token ApeCoin by Yuga Labs, owner of Bored Ape Yacht Club, pushed the value of Ethereum higher. The Ethereum gas price rose significantly higher amid the ApeCoin trading transactions. At the time of writing, the price of ApeCoin is trading at $13.20 and ranked 35th on Coinmarketcap.

The current price of Ethereum is $2938, a rise in volume may push the price beyond the resistance level of $3200.