ETH Price Outperforms BTC Since Spot ETF Approval, On-Chain Data Suggests Further Gap Widening
Ethereum price has been surpassing Bitcoin since the approval of the Spot ETF on January 11. However, on-chain data indicates that the gap between the two cryptocurrencies could widen even further in the coming days.
Investors Move $1 Billion Worth of ETH from Exchange Wallets to Long-Term Storage
Despite speculation that investors would book profits at the $2,500 mark, Ethereum price has closed above this level for the past three trading days. Recent data shows that investors have shifted 133,271 ETH coins from exchange wallets into long-term storage in the last week. This suggests that investors are confident and intend to hold out for more gains.
ETH Attracts More Demand as Exchange Supply Drops
As the exchange supply of Ethereum has declined, there are now more active buy orders than sell orders for ETH. Currently, there are 357,490 active purchase orders for Ethereum across multiple exchanges, while there are only 250,750 sell orders. This significant difference between supply and demand signals a dominant bullish sentiment for ETH.
ETH Price Forecast: $2,700 Could be Next Target
Based on the decline in exchange reserves and excess demand in spot markets, Ethereum price is expected to continue its upward trajectory towards $2,700 in the short term. However, to validate this bullish forecast, ETH needs to break through the $2,612 resistance level. If successful, $2,700 could be the next target for Ethereum.
Hot Take: Ethereum Strengthens Its Lead Over Bitcoin
Ethereum’s recent performance against Bitcoin and its positive on-chain data indicate that it is asserting its dominance in the crypto market. With a decline in exchange reserves and increasing demand, ETH price is expected to continue rising. This trend could further widen the gap between Ethereum and Bitcoin, solidifying Ethereum’s position as the leading cryptocurrency in the days ahead.
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