Holders Expect Price Surge As Weekly Ethereum Outflows Hit The 14-month Lows Of Only About 2,396.131.
As stated by the Glassnode Twitter page, the weekly Ethereum outflows from the exchanges have hit the 14-month lows of only about 2,396.131. This is a pointer to the readiness of the holders to hold tight for the coming price surge.
“Ethereum ETH Number of Exchange Withdrawals (7d MA) just reached a 14-month low of 2,396.131,” tweeted the analytics firm.
Recently, there has been massive ETH flow to exchange following the upward price movements. As previously reported the holders moved 220k ETH to exchange, which represents the highest inflow since August 2021.
The way the whales have been showing interest in accumulating over a couple of weeks revealed that there must be an expectation of the price surge in the Ethereum market. Notably, the asset rose by over 12% following this accumulation, reaching above the $1,200 price point.
Good to know that the upcoming Merge that has run successfully on two out of three public testnet could be the calculation of the ETH holders which is most likely to be right considering it as an indication of a price surge.
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A few days ago, in preparation for the merge, the Sepola public testnet was done successfully. It is good to know that the Merge is run on the public testnet to check if the validator nodes from both the execution layer, proof-of-work and Beacon chains, and proof-of-stake of these testnets are compatible. Getting them as planned is a pointer to sure of mainnet activation.
Recall, on May 30th, Ethereum announced the release of a new beacon chain on the Ropsten network to provide consensus, the proof-of-work that permits the nodes of the Ethereum network to agree on the state of all information recorded on the Ethereum blockchain and secures particular kinds of economic attacks.
The effect of the Merge has been showing, for instance, a month ago, the network has been adding around 500,000 new addresses each week, surpassing 200 million cumulative addresses, as stated by the data on the crypto analytics platform Dune.
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