- Oh, the tragedy! Ethereum’s exchange supply has plummeted to its lowest level in nine long years.
- Could this dramatic supply squeeze be the spark for a price surge? Or just a cruel joke? 😏
Alas! The supply of Ethereum [ETH] on exchanges has descended to depths unseen since 2016, heralding a liquidity squeeze that might just support a medium-term bullish outlook. Or is it merely a mirage in the desert of despair?
With the sell-side pressure easing like a gentle breeze and accumulation rising like a loaf of bread in the oven, could ETH reclaim the critical $3.5K resistance in the near term? Or will it trip over its own feet? 🤷♂️
Key technicals flash bullish
Despite the absence of signs of overheating, Ethereum remains a staggering 32% below its post-election peak of $4,016, having formed four consecutive lower lows. A true masterpiece of decline!
This time, however, the RSI has bottomed out, and a bullish MACD crossover is taking shape – suggesting ETH’s consolidation could be building momentum for a breakout. Or perhaps just a fancy dance move? 💃
Yet, historical patterns whisper caution. Previous recoveries have failed to breach key resistance as demand struggled to absorb sell pressure. A tragic comedy, indeed!
However, Ethereum’s spot exchange supply has plunged to a 9-year low of 8.2 million ETH. A dramatic fall worthy of a stage play!
With tightening liquidity and potential demand acceleration, conditions are aligning for a supply shock – one that could fuel a breakout past key resistance levels. Or just a puff of smoke? 🎭
Mapping Ethereum’s next major resistance zone
Ethereum faces a critical resistance at $2,785, where 8.10 million addresses would flip profitable, exposing $20 billion to potential sell pressure. A veritable treasure chest, or a Pandora’s box? 💰
While spot reserves hit a 9-month low, signaling accumulation, investors offloaded over 2 million ETH into exchanges in February, raising concerns about mounting sell pressure. A classic case of “what goes up must come down!”
Weak demand from U.S. and Korean investors further threatens upside momentum, potentially trapping leveraged longs in the futures market. A tangled web of financial intrigue!
If demand fails to recover, Ethereum could face a pullback toward $2,264, where 62.38 million ETH is concentrated. A dramatic cliffhanger, indeed!
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2025-02-20 02:18