Major investors withdraw $574 million worth of Ethereum from Coinbase, why?

Investors have recently withdrawn a large amount of Ethereum (ETH) from exchanges, with a total value of a whopping $574 million. These recordingsalong with a positive outlook for the launch of Ethereum ETFs, could point to a possible impending price rise for the second-largest digital asset by market cap.

Ethereum supply on exchanges falls to the lowest level in seven years

Ethereum supply on crypto exchanges hits a seven-year low, volaccording to data from Glassnode. This decrease in supply could indicate a possible upcoming rise in the Ethereum price, especially given the upcoming launch of Ethereum ETFs.

Uncertain short-term outlook for Ethereum price

Despite the positive developments and optimism in the market, the Ethereum price has been on a downward trend in recent days. After the big drawdowns, Ethereum’s price has fallen more than 4% from Monday’s highs, currently trading around $3,600.

Possible 7% correction for Ethereum

Analysts point to a cautious short-term forecast for Ethereum, predicting a possible correction of 7% from the current market price. Since May 20, Ethereum has been consolidating between $3,624 and $3,950, but the recent decline could indicate further downward pressure, with a possible support level around $3,302.

Although Ethereum has seen a large accumulation phase and has a positive outlook regarding the launch of Ethereum ETFs, the short term remains uncertain.