Ethereum Price Surges Near Breakout High Amidst Net Outflows

The Ethereum (ETH) price has been on a tear, trading near its recent high of ~$2,685 and showing no signs of slowing down. The price rise is accompanied by a significant drop in exchange supply, with net outflows of ~$1.86B over the past 30 days.

This surge in demand has not gone unnoticed, with increased whale activity observed in the market. Whale accounts are those that hold large amounts of cryptocurrency and can move the market with their trades.

While some traders may be eyeing the $2,800 support level for potential profit-taking if the price slips, the overall sentiment remains bullish. The 30-day MVRV (Market Value to Realized Value) has recovered, indicating higher unrealized gains for recent holders.