According to recent data Of the cryptocurrency reserves of Ethereum (ETH) on centralized cryptocurrency exchanges fell to a nine -year minimum. Experts suggest that this exhausted supply of ETH may indicate the upcoming “supply shock”, potentially feeding a significant rally in cryptocurrency.
Ethereum reserves at a 9-year minimum
Ethereum, the second largest cryptocurrency in market capitalization, continues to bargain within the range of mid -2000 dollars located at the time of writing $ 2721. Unlike bitcoins (BTC), ETH had a relatively quiet 2024 year, with all his might, trying to break past his record high level (ATH) in the amount of $ 4,878, registered in November 2021.
This weak price action contributed to the weakening of investors’ trust in ETH. Nevertheless, the digital asset recently managed to protect the critical zone of demand in the amount of $ 2,380-2460, reviving bull hopes for a potential breakthrough above the stubborn resistance level of $ 3,000.
Moreover, ETH reserves on centralized exchanges continue to fall, which can lead to shock of a proposal – a script when the demand for an asset exceeds its liquid. If this is materialized, ETH may experience a rapid increase in prices.
For uninitiated shock, sentences in the crypto -industry occur when the demand for the basic digital asset exceeds its supply of fluid. As a result, the main asset – in this case – may experience a sharp increase in prices in a short time.
To date, the reserves of ETH on centralized crypto -Turges have fallen to 18.95 million, which recently I saw in July 2016. It is noteworthy that ETH at that time was trading at the level of $ 14.
Recent analysis From an experienced crypto -analyst Crypto Buddha suggests that ETH can be on the verge of a large step. The analyst emphasizes how Eth broke through the level of diagonal resistance, signaling the potential breakthrough of the bull.
In addition, Bitcoin (BTC) demonstrates similar price behavior. A successful BTC breakthrough can cause a wider crypto rally, which will lead to significant successes in various digital assets. Crypto Buddha noted:
BitcoinThe price action will take place with a similar scheme with a triangular convergence, raising the question of whether it can successfully break through as EthereumThe field from the moment of the minimum of 91,000 dollars Bitcoin is consolidated within 10 days. The market is at a decisive stage, and the time has come to choose a direction.
Will ETH investors finally devote their time?
Unlike competitors, such as SOLANA (SOL), SUI and XRP, who all saw a significant assessment of prices over the past year, ETH tried to benefit from a bull impulse with all his might. Bear feelings environment ETH was at unprecedented levels.
However, analysts are sure that ETH can soon surprise the market. Recent Titan of Crypto emphasizes This ETH can soon enter its “most hated rally”, which led to a significant increase in prices.
However, fears about the Ethereum Foundation sale Abundant amounts of ETH continue to pursue the owners. During the press, ETH is traded at the level of $ 2721, which has decreased by 4.7% over the past 24 hours.
