According to the Glassnode analytical company, the outflow of ether (ETH) from exchanges has been going on for several weeks. At the moment, only 10.19% of the total ETH turnover remains on trading platforms. This is the lowest figure since 2016.
Long-term prospects
Many market participants prefer to store ETH on cold wallets. This means that they do not plan to sell the asset in the near future, which should have a positive impact on its value in the long run.
Social media
Ali Martinez notes an increase in mentions of ETH on social media. In his opinion, most of the posts contain positive assessments, which may indicate that the ether has reached a local peak.
Current market situation
Despite the positive sentiment, strong movements of ETH are unlikely in the near future. A sidewall is forming on the chart, in which ETH is likely to stay for some time.
