Ethereum News Today: Ethereum Exchange Supply Dries Up as Analysts Predict a Surge Toward $10,000

Ethereum may be on the verge of an enormous breakout, as fresh statistics indicate a decline in ETH holdings on exchanges. The number of Ethereum balances at centralized exchanges has dropped significantly over the last few weeks, according to CryptoQuant, indicating that an increasing number of investors are transferring their assets to personal wallets or staking services.

This change gives rise to growing investor confidence and a desire to hold on for the long term. In the past, decreasing exchange reserves have reduced the supply of tokens available for trading, which may lead to higher prices in the event of increased demand. This has been the same story with Ethereum rallies in the past, where massive market advances followed exchange withdrawals.

At this point, ETH is not falling, despite the ever-depleting reserves. Analysts believe this balance may shift once the world's macroeconomic factors are favorable or institutional demand is raised. CryptoQuant observed that frequent purchasing and low selling stress tend to be the indicators of the initial phases of significant price increases.

Analysts Weigh Chances of Ethereum Reaching $10,000

Ethereum has performed well this year, and market analysts are closely following its next move. The cryptocurrency has soared more than 250% above its previous low in the market, and its next upsurge has generated debate on whether it will reach the $10,000 zone.

Analyst Ted Pillows was implying that a short-term correction might already be coming to an end. According to him, Ethereum will resume its uptrend once demand revives, leading to new record highs.

The actions of large holders, or whales, as indicated by data from CryptoQuant, suggest that they tend to stockpile ETH when the price drops below significant milestones. These trends have already led to considerable price recoveries. This new balance between lower exchange reserves and the possibility of whales accumulating has served as a bullish signal to Ethereum in the next few months.

SWIFT’s Ethereum Linea Test Strengthens Real-World Utility

SWIFT, the international interbank network, is also testing the Ethereum Layer-2 network, Linea, in another development. The pilot means that significant financial institutions, such as BNP Paribas and BNY Mellon, are considering blockchain-based settlement systems.

This collaboration highlights Ethereum's presence in the conventional finance market. Until the success of these partnerships is confirmed, it will boost the use of blockchain by traditional banks and increase the demand for ETH. Currently, Ethereum is valued at approximately $3,850 USD, which has not declined despite increased market sentiment following the US-China trade talks.

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