- Summary:
- The net outflow from exchanges rose to the highest level since November 2024, adding to other key metrics signaling Ethereum price upside.
Ethereum price rose on Friday as the broader market signaled potential recovery. ETH was up by 2.7% at the time of writing, with its price at $3,308, halting a three-day losing streak. Notably, the crypto coin’s recovery was accompanied by a rise in the Ethereum chain’s DeFi performance. According to DeFiLlama, Ethereum’s Total Value Locked (TVL) inched up by 0.25% and stood at $65 billion at press time.
Exchange Outflows, Holding Time and Momentum favour Ethereum price upside
According to IntoTheBlock, 74% of ETH holders have had it for more than a year. That is not only a significantly large figure, but also higher than market leader, Bitcoin’s 72%. This shows the willingness of ETH investors to hold on to their assets for long periods, which will provide near-term support. However, that trend could change as Ethereum price rises near its all-time highs of $4,878.
Also, there has been a significant rise in the volume of exchange outflows involving ETH. The value coin’s net outflow went above $1.4 billion this week, the largest figure since November 2024. That signals a lower selling pressure and an inclination towards accumulation. Also, a continuation of the trend could spark a stronger upward momentum on Ethereum price.
However, the momentum on the coin is still leaning to the downside, as it traded below the Volume Weighted Moving Average (VWMA) on the daily chart. A retest of that level could confirm the reversal.
Ethereum Price Prediction
Ethereum price pivots at $3,224 and the upside will prevail if action stays above that level. With the buyers in control, immediate resistance is likely to be at $3,313. However, a stronger upward momentum could clear that hurdle and test $3,367.
On the downside, breaking below $3,224 will shift the momentum to the downside. That will likely see the coin head to the first support at $3,186. Meanwhile, the upside narrative will be invalid if the price breaks below that level. Also an extended control by the sellers could extend losses and test $3,133.
