1.4M ETH Withdrawn From Exchanges as BTC Moves in Reverse
Data from Bitget shows that about 1.4 million ETH has been withdrawn from exchanges since June, while Bitcoin exchange balances have increased by around 0.25% over the same period.
This trend is in contrast to Bitcoin's price movement, which rose by 26% during this time but moved in the opposite direction of Ethereum, which gained about 30% since August 16.
Crypto analyst Credible Crypto believes that Ethereum could reach $20,000 in the next few years based on its five-year trading range and weaker performance against Bitcoin.
He considers $10,000 a basic target, as doubling the previous range high near $5,000 would take the asset to that level. A larger expansion of the range could push the price to $8,000 or $9,000 before other factors are taken into account.