Ethereum shows signs of life as holders move ETH off exchanges
Bitget Academy2025/02/18 07:11
By: Bitget Academy
A minor move for Ethereum has outpaced the border crypto market while exchange balances have declined.
Ethereum prices have outperformed the broader crypto market over the past 24 hours in a rare move that resulted in a 12-day high, indicating “mild signs” of a rebound, according to Santiment. “Ethereum has shown mild signs of a rebound … and outpacing most altcoins to start the week,” crypto analysts at Santiment wrote on Feb. 18.
Ether hit an intraday and 12-day high of $2,832 on Feb. 17 but failed to maintain that momentum, falling back to $2,720 in early trading on Feb. 18. ETH has gained 2% on the day, whereas the wider crypto market has retreated 2.4% in terms of total capitalization.
Santiment added that from a long-term perspective, “ETH continues to move off of exchanges and into cold wallets at a shocking pace,” with just 6.38% of the available supply remaining on exchanges. When crypto assets move off centralized exchanges, it is usually a signal that investors are hodling. It “decreases the probability of a major upcoming sell-off. But it should be considered a long-term metric, rather than one to react to on a swing trading basis,” said Santiment.
The analysts also commented that the community has been showing some renewed interest in Ethereum in February following prolonged lackluster performance. “After being a major under-performer relative to other large caps in 2024, there has been some anticipation of a rebound when market-wide recoveries begin to take place.”
Source: CoinTelegraph
Futures Market Updates
Ether's Long/Short ratio went back above 1 again.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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