Ethereum (ETH) Leaving Exchanges at Rapid Rate This Week, While Bitcoin Moving in the Opposition Direction

On August 12, Lucas Outumuro, head of research at analytics firm ‘IntoTheBlock' published weekly observations about the market.  Lucas covered the last step of preparing Ethereum for the merge, its implications on Ethereum as well as staked ETH, and the upcoming ETHPow token.

Timeline of Bitcoin, Ethereum

Ethereum was trading above $2,000 to start the weekend, as the token hit its highest point since May. Crypto markets were back in the green, after marginally consolidating in Friday's session. Bitcoin moved closer to $25,000 on Saturday, however has still yet to breach this ceiling.

Bitcoin price analysis signifies the uptrend remains intact in the largest cryptocurrency by market cap. The price opened on a muted note bias but picked up the momentum and tested the highs of $24,898.91.

Yesterday, the majority of the cryptocurrencies were flashing red as Bitcoin price lost its hold over the $23,000 mark. However, today, the flagship currency is not only trading above the $23k area but has also reclaimed the $24,000 level. At the time of reporting, Bitcoin is trading at $24,595, after a spike of 2.

The global digital asset market printed green indexes on Saturday as the largest crypto like Bitcoin (BTC) and Ethereum (ETH) grabbed an upward momentum. However, traders choose this as a good time to liquidate their funds.

Widely followed analyst Justin Bennett is weighing in on several top crypto assets as the markets finish the week on a high note. In the latest edition of the trader's Cryptocademy newsletter, Bennett identifies $24,200 as being a crucial make-or-break level for Bitcoin (BTC).

The last couple of days have been extremely bullish for the crypto space, especially for the second largest cryptocurrency, Ethereum price. The lead altcoin has gained 6% in the last 24hrs and is now trading at $2,000. In May, Ethereum had dropped extensively along with Bitcoin and the other assets.

Trends that will shape the future of Bitcoin mining are not all that hard to predict, as the signs of what's to come have been all around us. The problem is, we never stop to look at them, and understand their significance for what is to come.

On Saturday (August 13), the price of $ETH, the native token of Ethereum, went above the $2,000 level for the first time since June 1. According to data by TradingView, on crypto exchange Binance, the $ETH price hit $2,006.36 at 4:24 a.m. UTC on August 13. By 6:19 a.m. UTC, the $ETH price reached $2019.

The market sentiments are coiling up ever since the final testnet Goerli went live without any major technical complications. Therefore raising the expectations of a smooth Ethereum Mainnet Merger on September 19, in the absence of any major flaws.

Ethereum (ETH) is leaving crypto exchanges at a rapid rate this week, while Bitcoin (BTC) is moving in the opposition direction, according to Lucas Outumuro, the head of research at analytics firm IntoTheBlock.