Ethereum News: ETH Withdrawals Hit 7-Month Low, Sparking Price Concerns

Recent data indicates a significant decline in Ethereum (ETH) withdrawals from exchanges, raising concerns about the cryptocurrency’s future price trajectory.

Ethereum Withdrawals Plunge to 7-Month Low—Will Prices Tumble Below $2,000?

This cautious stance is reflected in ETH withdrawals from exchanges, which have plunged to a seven-month low. An assessment of Ethereum’s exchange transaction dominance shows a significant decline in ETH withdrawals since late January. According to Glassnode, ETH’s exchange withdrawal transactions totaled 59,755 coins on Tuesday, marking its lowest single-day count since August 31. When ETH withdrawals from exchanges drop, it means fewer investors are moving their holdings to private wallets or cold storage, suggesting they are not planning to hold the coin long-term. Instead, they are keen on keeping their ETH coins on exchanges, a trend that signals a readiness to sell.

Ethereum Price Risks Closing Below 3M Bollinger Bands

Ethereum has been weighed down by persistent downward momentum, and even a near-term rally may not shift the broader trend immediately. Crypto analyst Tony “The Bull” Severino has warned of a possible close below the significant 3-month Bollinger Bands indicator, signaling potential trouble for Ethereum on the quarterly timeframe chart.

Ethereum Reclaims Realized Price, Faces Resistance at $2,300

Ethereum (ETH) is trading above the $2,000 mark after facing intense selling pressure. The cryptocurrency lost over 38% of its value since late February, but market sentiment is shifting. Some investors believe the worst may be over, supported by on-chain data showing Ethereum has reclaimed its realized price at $2,040.

GMX Defends Contracts After $13 Million Loss Tied to Abracadabra’s Cauldron Exploit

Prominent blockchain security firm PeckShield reported an exploit involving the GMX decentralized exchange (DEX), bringing attention to vulnerabilities within the Abracadabra (Spell) ecosystem. The incident, related to Abracadabra’s cauldrons – smart contracts facilitating DeFi operations – led to the theft of approximately 6,260 Ethereum, worth roughly $13 million. While the attack drew considerable attention, GMX clarified that its contracts were not compromised. The issue was confined to the integration between GMX V2 and Abracadabra’s cauldrons, which use GMX’s liquidity pools for their operations. The team assured the community that it was unaffected by the incident.