Ethereum (ETH), which had been lagging behind Bitcoin, showed significant growth in April, emerging as a new leader in the cryptocurrency market.
ETH Records and Market Changes
Ethereum first rose from $1,400 to $2,800 and then reached $4,900, breaking its previous all-time high from 2021. This growth occurred despite the overall downward trend in the cryptocurrency market.
Decline of ETH on Centralized Exchanges
Data from CryptoQuant shows that ETH reserves on major centralized exchanges have dropped to their lowest level since 2022. September 2022 saw a peak of 28.8 million ETH, while the current figure is 17.4 million. Approximately 2.5 million ETH has been withdrawn from exchanges in the last three months.
Future of Ethereum and Analysts' Perspective
Despite the overall decline, analysts expect that ETH could rise to double-digit figures in the coming months. The influx of Ethereum ETFs has increased significantly, with over $13 billion in net inflows over the year. Companies like Sharplink Gaming and The Ether Machine have also begun purchasing ETH, indicating positive momentum.
Given the recent changes and analysts' predictions, Ethereum is on a path for further growth and adaptation of investment strategies.
