This Shows Ethereum May Break Out Soon | Raoul Pal

This Shows Ethereum May Break Out Soon | Raoul Pal thumbnail

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Raoul Pal

Ethereum has made a surge, as it currently trades at $2,960, up 13% in the past 7 days. Earlier in the day, it traded above the $3,000 resistance level, which is the first time it has surpassed $3,000 since March 2.

According to IntoTheBlock (a crypto data company), the outflows of ETH from exchanges have experienced a significant increase. “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days,” the firm tweeted.

The Ethereum price has been climbing steadily, but the amount of Ethereum traded on cryptocurrency exchanges has fallen to levels not seen since September 2018..

Specifically, analytics according to CryptoRank, only 13. 55 million or about 11.3% of the 120 million ETH in circulating supply is currently kept on centralized exchanges.

Analytics suggest that Ethereum could be heading for a bullish run. According to Raoul Pal, Macro-analyst, he believes Ethereum may be showing signs of a breakout.
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