Key takeaways:
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Ether’s bull flag confirmation on the daily chart targets a rather optimistic 34% gains to $6,100. Who knew flags could be so profitable? 🎏
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The percent of ETH supply held on exchanges has plummeted to 12% for the first time since 2016. It seems like everyone is hoarding their coins like they’re rare stamps! 📬
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Depleting ETH supply on exchanges points to a “supply squeeze” and long-term accumulation. Sounds like a fancy way of saying, “Hold on tight, folks!” 🤔
Ether (ETH) price registered a multi-year high of $4,792 on Thursday after a staggering 45% rise from its Aug. 3 low at $3,354. Now, it’s consolidating below its $4,867 all-time high, like a cat that caught the canary but is still eyeing the birdcage. 🐦
Can Ether’s price rise 34% in the next few days? Well, if it can, I’d like to know what it’s been drinking! 🍹
Ether’s “bull flag” hints at $6,000
ETH rallied more than 126% between June 22 and Aug. 14 to reach a multi-year high just below $4,800. The latest rally saw the price breach the resistance provided by the upper boundary of a bull flag at $3,770 on the daily chart, confirming a bullish breakout. It’s like watching a soap opera, but with more numbers and less drama! 📈
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As CryptoMoon reported, bulls are now focused on pushing ETH above a key resistance at $4,700. Such a move could potentially lead to the next leg up for Ether, measured at $6,150 or 34% from its current price level. It’s like a game of leapfrog, but with more zeros! 🐸
However, it is important to note that the success rate of a bullish pennant is only around 54%, which makes it one of the least reliable patterns. Kind of like trusting a cat to guard your fish! 🐟
More ambitious projections have been made by other analysts, citing increasing institutional demand through spot Ethereum ETFs and ETH treasury companies, putting ETH’s top between $12,000 and $30,000. Now that’s what I call dreaming big! 🌌
Percentage of ETH on exchanges drops to a new low
ETH percent supply on exchanges has dropped to a nine-year low, falling to 12.36% for the first time since July 2016, Glassnode data shows. It’s like a game of musical chairs, but everyone is just sitting on their coins! 🎶
Diminishing Ether supply on exchanges may signal an incoming price rally fueled by a “supply shock,” which occurs when strong buyer demand meets decreasing available ETH. It’s like a buffet where the food runs out just as you arrive! 🍽️
“Only 18.5M Ethereum left on exchanges,” said popular trader Merlijn The Trader in a Friday post on X.
The trader attributed this to aggressive buying by ETF issuers and Ethereum treasury companies, adding:
“When scarcity meets demand, price doesn’t go sideways. Supply squeeze incoming.”
Coupled with over 35.7 million ETH staked (30% of supply), according to data from UltraSound Money, this “supply squeeze” signals strong holder conviction and reduced sell-side pressure. It’s like a game of tug-of-war, but everyone is on the same side! 🤝
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2025-08-15 20:06