Ethereum Accumulation Surges: $2.457 Billion Worth of ETH Withdrawn from Exchanges

Ethereum (ETH) has seen a significant increase in accumulation, with over $2.457 billion worth of the cryptocurrency withdrawn from exchanges in less than two weeks, according to a closely followed crypto strategist. The strategist, Ali Martinez, shared the information with his 125,900 followers on the social media platform X.

Martinez reported that more than 900,000 ETH tokens were taken out from exchanges in just over a week, indicating increased accumulation and reduced sell pressure. With Ethereum trading at $2,731 at the time of writing, the 900,000 ETH tokens are worth over $2.457 billion.

Looking at ETH whale activity, Martinez noted that deep-pocketed investors snapped up over $764.68 million worth of Ethereum in just three days. In total, whales bought 280,000 ETH during this period.

Amid the heavy accumulation of ETH, Martinez pointed out that Ethereum is flashing a bullish technical signal based on the Tom DeMark (TD) Sequential indicator. This metric is used to measure potential points of reversal for an asset. The trader also highlighted that ETH is showing the signal while it hovers close to the diagonal support of an ascending channel, a pattern suggesting that an asset is in an uptrend.

Martinez emphasized that each time the TD Sequential indicator flashes a buy signal on the Ethereum weekly chart near the lower boundary of this channel, prices have historically rebounded strongly. He suggested that a similar setup could be unfolding now, indicating potential bullish momentum for Ethereum.