According to many crypto analysts, Ethereum could soon reach a new All Time High as a result of the depletion of ETH reserves on major centralized exchanges.
One of the first to analyze the matter was Alex Saunders, CEO & Founder at NuggetsNews, who through a tweet said:
"Exchanges could be out of $ ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours."
Source: https://twitter.com/AlexSaundersAU/status/1349865093761122305
As you can see in the image from CryptoQuant, the amount of Ethereum reserves has plummeted in the last few hours and if the demand growth continues at this rate we could see a bullish Ethereum in the coming days.
As usual, I would like to reiterate that these are not financial advice, but crypto market analysis based on news, trends and expert opinions.
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