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Was This ETH’s Final Shakeout Before Surge to New ATH? (Ethereum Price Analysis)
As Ethereum (ETH) approaches a new all-time high, market analysts are left wondering if this current rally is a final shakeout before an even more significant surge or simply another brief pause in the ongoing bull run.
The chart indicates that ETH has been consistently moving within a broad ascending channel for the past few months. This formation has enabled the asset to push through several resistance zones and now seems poised to test the $5,000 mark in the near term.
Furthermore, Ethereum’s exchange reserve across all exchanges has demonstrated a consistent downtrend over the last two years, dropping from above 28 million ETH in early 2022 to around 18.6 million today. This significant decline suggests that a substantial portion of ETH has shifted out of exchanges and into cold storage or staking.
Source: cryptopotato.com
