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This Shows Ethereum May Break Out Soon | Raoul Pal
Ethereum has made a surge, as it currently trades at $2,960, up 13% in the past 7 days. Earlier in the day, it traded above the $3,000 resistance level, which is the first time it has surpassed $3,000 since March 2.
The exchange outflows of ETH have seen a significant uptick, according to IntoTheBlock, a crypto data firm. “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within 10 days,” the firm tweeted.
As Ethereum continues its climb, the amount of ETH on cryptocurrency exchanges has dropped to levels not seen since September 2018.
Specifically, analytics according to CryptoRank, only 13.55 million or about 11.3% of the 120 million ETH in circulating supply is currently kept on centralized exchanges.
The analytics support that Ethereum could be on the brink of a bullish run, and according to Macro-analyst Raoul Pal, he believes Ethereum is showing signs of a breakout.
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