Ethereum Price Explodes: ETH Is Flashing Bullish Signals

Ethereum’s price looks ready for a considerable breakout according to the latest signals that it’s been flashing. At the moment of writing this article, ETH is trading in the green and the coin is priced at $2,961.

Blockchain analytics firm IntoTheBlock explained that the recent mass migration of Ethereum (ETH) away from crypto exchanges suggests a rally for the leading smart contract platform might be on the horizon.

On Twitter, analysts at IntoTheBlock pointed out the fact that a massive withdrawal of over 180,000 Ethereum tokens worth $531 million from crypto exchanges in 24 hours is ETH’s largest outflow so far this year.

Check out the relevant tweet below:

Largest Outflows in 2022 – over 180k $ETH was withdrawn from centralized exchanges within a single day

-Last time such a magnitude of ETH left exchanges was in Oct 2021, preceding a 15% price increase within ten days
-190k ETH was also deposited into Lido’s stETH liquid staking pic.twitter.com/wayu2nvRlR

— IntoTheBlock (@intotheblock) March 18, 2022

The same experts addressed the amount of Ethereum being staked into the ETH 2.0 deposit contract.

According to the analysts, the number of Ethereum staked in the deposit contract has risen from under four million in April 2021 to 10.4 million ETH during March 2022.

Here’s the tweet they published:

10 Million $ETH – 8-figures of Ether are now deposited into the proof of stake contract

-This represents approximately 8.3% of all ETH in circulation
-The amount of ETH staked has grown by 20% in the last 90 days and 10% in the past 30 days alone

Chart: https://t.co/Kk7UsmhwdM pic.twitter.com/j9X3yGI9pF

— IntoTheBlock (@intotheblock) March 18, 2022

It’s also important to mention the fact that a post of IntoTheBlock says that the Lido liquidity protocol is dominating the realm of staked ETH.

“Lido continues being the larger party with more than $6.87 billion in ETH staked with them. This stake is divided among more than 20 different professional validators.”

The same important post notes the fact that a trigger for its growth can be explained by the increasing amount of integrations that they have conducted with more than 25 DeFi protocols.