Santiment Announced: This is a Strong Sign for Struggling Ethereum Price! - Coin Bulletin

While Ethereum (ETH) price continues to struggle, investors are starting to signal long-term confidence.

According to the latest sharing by Santiment for Ethereum, 224,410 ETH was withdrawn from the exchanges between 8-9 February. This was recorded as the largest outflow in the last 23 months, and it was interpreted as a strong signal for the struggling Ethereum price.

Although the Ethereum price has been under pressure for a while, this significant surge indicates that investors are inclined to hold instead of selling. Withdrawing assets from exchanges is generally considered a sign of long-term investments, as they are usually stored in cold wallets.

According to Santiment's data, this move** could reduce the selling pressure by reducing Ethereum supply** and have a positive impact on the price.

Ethereum and Altcoins are dependent on Bitcoin

Despite this strong signal in Ethereum, the overall direction of the cryptocurrency market continues to depend on Bitcoin performance. Bitcoin retesting its all-time high levels (ATH) may also help Ethereum gain similar momentum.

According to CoinGecko, Ethereum has gained 0.5% in the last 24 hours and is trading at $2,663.