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The Last Time Ethereum Saw Exchange Balances This High It Rallied 4,600%

www.newsbtc.com

Ethereum has been caught within a tempered uptrend in the time following its recent rally from sub-$100 lows, with the cryptocurrency forming a very strong correlation to Bitcoin – which has been firmly guiding the markets throughout the past several months. It now appears that one fundamental metric is flashing a highly bullish sign for Ethereum, as exchanges’ ETH balance is currently at levels not seen since December of 2016, with this metric having an inverse correlation with future price trends.

While looking at the above chart, it does appear that there is a stark inverse correlation between Ethereum’s price and exchanges’ balance, with higher balances being bullish. Although the market was much smaller then and Ethereum is unlikely to see gains of this magnitude ever again, the massive rise in the balance of ETH on exchanges does indicate that an explosive rally could be imminent in the months ahead.

Read in Full: www.newsbtc.com
Bitcoin BTC
$ 70434.47
Bitcoin ETH
$ 3567.69

Timeline of Bitcoin, Ethereum

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Bitcoin Bitcoin
70522.9000 0.52%
Ethereum Ethereum
3575.04000 -0.14%
BNB BNB
583.795000 0.94%
Solana Solana
184.560000 -1.45%
XRP XRP
0.62066700 -0.27%