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."
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.
Crypto-earning opportunity: earn crypto for engaging in a crypto-centric social network!
- Join Torum, the first one-stop social media platform specially built for cryptocurrency communities around the world, and earn XTM rewards for your daily and weekly engagement. Read Torum Whitepaper to figure out XTM token utilities and the potential of the platform: https://whitepaper.s3.us-east-2.amazonaws.com/torum-whitepaper-V2.0-EN.pdf. Sign up using my referral link and earn 75 XTM airdrop after email and phone verification: https://www.torum.com/signup?referral_code=makeitreal