200K ETH in 2 Days: Brewing Ethereum Rally or Just an Internal Shuffle?

Find out why ETH’s bulls may soon have reason to celebrate.

Ethereum (ETH) once again fell below the $3,800 mark, but several factors suggest a substantial price recovery could be coming. One such element is the reduced number of tokens stored on cryptocurrency exchanges.

On the other hand, some analysts warn that the asset could suffer an even more severe pullback in the near term.

Switch to self-control?

X’s renowned analyst Ali Martinez revealed that 200,000 ETH has been withdrawn from crypto exchanges in the last 48 hours alone. The USD equivalent of the stock is approximately $770 million (calculated at the current rate).

The development indicates that investors have moved away from centralized platforms and moved their holdings into self-custody portfolios, reducing immediate selling pressure.

Earlier this week, the total amount of ETH stored on crypto exchanges fell to a nine-year low of around 15.8 million coins, while the current figure is quite close to that level.

It is important to note that Martinez made another clarification on the matter. Recently he has declared that 230,000 ETH tokens have been moved by major holders (possibly exchanges) in the past week. The move may include withdrawals, deposits, internal transfers or other operations different from the other development.

In addition, Ethereum’s Relative Strength Index (RSI) is clearly on the bullish side (at least as of now). The technical analysis tool, which measures the speed and magnitude of recent price changes, is just north of 30, putting it close to the oversold zone and primed for potential upside. Conversely, ratios above 70 suggest that the asset is overbought and considered bearish for the price.

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Do or die for ETH

At the time of writing, Ethereum is trading at around $3,800, down 5% on a daily scale and 8% over the past month. The X user Ted named the drop below $4,000 after the Fed’s decision to cut interest rates in the US and the US-China trade talks, as it believes this is “a classic bear trap, otherwise the crypto market will go much lower.” Kamran Asghar also participated, keep in mind a possible dip to $3,400-$3,500 before a renewed rally.

Others, like Max Crypto, were much more optimistic. to predict an “up-only” scenario where ETH would explode to a new all-time high of $7,000. According to the analyst, the asset’s recent performance resembles the situation before the May pump this year, which was followed shortly afterwards by a significant increase.

Meanwhile, whales with a 100% win rate have done just that recently opened long positions in ETHcausing speculation that they may know something we don’t.