Ethereum Price Could Potentially Exceed $10,000 Amid Market Dynamics 

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The price of Ethereum could potentially rise significantly, possibly exceeding $10,000, due to recent market dynamics and developments in the cryptocurrency ecosystem, opines an expert, named Ash Crypto, in a tweet in the X platform. A notable shift has occurred as a large quantity of Ethereum, valued at over a billion dollars, was recently moved out of Coinbase. This event marks the largest single instance of Ethereum being withdrawn from Coinbase this year, signalling a change in investor behaviour and market dynamics. 

Significant Ethereum Outflow from Coinbase: A Simple Analysis 

A Staggering 336,000 ETH worth nearly $1.209 billion was withdrawn from Coinbase, says the expert. This indicates that holders are transferring their ETH to private wallets or other platforms. Such a significant outflow generally suggests reduced immediate selling pressure on the market. When cryptocurrency is moved off exchanges, it often means the holders are opting for long-term storage, which can lead to price stability or even increases.

ETH’s Lowest Supply on Exchanges: What Does It Tell

The amount of Ethereum held on centralised exchanges is now at its lowest point in eight years, says the expert. This reduced supply on exchanges could contribute to a more stable market and potentially drive up the price of Ethereum. With less ETH available for immediate sale, the likelihood of price surges increases, especially if demand remains high. 

Impact of the upcoming launch of Ethereum Spot ETF

Adding to the bullish outlook, the anticipated launch of a Spot Ethereum ETF is set to start trading soon. An ETF allows investors to gain exposure to Ethererum without directly buying and holding the cryptocurrency. This could attract more institutional and retail investors, further driving up demand and, consequently, the price.

Ethereum Recent Price Movement 

Just before the US SEC gave green signal to the Ethereum Spor ETFs, the price of Ethereum had seen a major boost. On 20th May, 2024, we saw a long green candle, in which the opening price was as low as $3,069 and the closing price was as high as $3,662. That trend continued till 11th June, when we saw a red candle, bringing the price down to the mark of $3,500. 

Currently, the price of Ethereum is $3,526.3. Over the past seven days, Ethereum has experienced a -7.9% change, but its 30-day change is a positive +21.1%. These fluctuations reflect the dynamic nature of the cryptocurrency market.

With the combination of significant outflows from exchanges, the lowest supply of Ethereum in years, and the upcoming Spot Ethereum ETFs, the price of Ethereum could potentially rise significantly, possibly exceeding $10,000. While this is speculative, it reflects a bullish outlook on Ethereum’s future value.

Stay tuned to Coinpedia for more updates on this!  

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