Ethereum's $3,000 Target Triggers Unusual SHIB Netflow on Tier-1 Exchanges
The Ethereum price is nearing a potential breakout above $2,474 as it forms a symmetrical triangle pattern on its 12-hour chart. According to Ali Martinez's analysis, a similar formation in the past led to a 31% gain in just three days. If Ethereum breaks through this resistance level, it could reach a target of $3,000.
In preparation for this potential move, large holders withdrew over $300 million in ETH from exchange addresses to cold wallets before the pattern formed. This reduction in supply has helped keep the price steady within the range of $2,480-$2,510.
Meanwhile, Shiba Inu (SHIB) has seen an unusual redistribution of capital among major exchanges. Net outflows were recorded on Binance and Coinbase, indicating withdrawals for long-term storage, while OKX and Bybit saw net inflows. This suggests that SHIB is being used as a 'leverage' asset in the Ethereum ecosystem.