On-chain data shows exchanges have recently observed a large amount of Ethereum exit their wallets, a sign that could be bullish for ETH’s value. Ethereum Exchange Reserve Has Seen A Plunge RecentlyAs explained by analyst Ali Martinez in a new post on X, the ETH investors have made net outflows from exchanges recently. The on-chain indicator of relevance here is the “Exchange Reserve,” which keeps track of the total amount of Ethereum sitting on the wallets associated with all centralized exchanges.When the value of this metric goes up, investors will make net inflows into these platforms right now. As one of the main reasons holders deposit their coins in exchanges is for selling-related purposes, this trend can have bearish implications for the asset’s price.On the other hand, the indicator registering a decline suggests a net amount of ETH is currently exiting the exchanges. Such a trend can indicate that the investors are accumulating, which can naturally prove to be bullish for the cryptocurrency.Now, here is a chart that shows the trend in the Ethereum Exchange Reserve over the last few weeks: As displayed in the above graph, the Ethereum Exchange Reserve has registered a huge drop during the last few days, which implies that investors have made large net withdrawals.The holders have taken out more than 300,000 ETH from these platforms during the past week, which is worth almost $754 million at the current exchange rate.Given the massive scale involved here, it’s likely that the whale entities were behind the outflows. Also, considering that the withdrawals have come after ETH’s stumble from its $2,700 high earlier in the month, these humongous investors may have made them buy at the lows.Naturally, if this is true, Ethereum could benefit from a rebound from this plunge in the Exchange Reserve. The surge may also have begun, as ETH has now recovered above the $2,500 mark.In some other news, as market intelligence platform IntoTheBlock has pointed out in an X post, the Ethereum Market Value to Realized Value (MVRV) Ratio is sitting at 1.2 right now. The MVRV Ratio tells us how the value that Ethereum investors are currently holding compares against the amount that they initially put into the cryptocurrency.The latest value of 1.2 suggests the average ETH holder is currently holding a profit. From the chart, it’s apparent that the asset has historically encountered tops when the MVRV Ratio has been at notably higher values, so it’s possible that the current profitability isn’t high enough for ETH to top out. ETH PriceAt the time of writing, Ethereum is trading at around $2,500, down 6% over the last seven days. More By This Author:Bitcoin Rises Above $71,000 – All-Time High In Sight Ethereum Price Follows Bitcoin’s Rally, But Momentum Falls ShortIf Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’