Ethereum Holds at $2,700 as Exchange Reserves Hit Nine-Year Low While Web3Bay Breaks Records by Raising $200K in 24 Hours
Absolutely crucial to mention is that Ethereum’s exchange vaults have suddenly dwindled straight to 18.95 million ETH, which marks the lowest threshold since July of the year 2016. Thus, it looks like there is a supply pinch indicating that off-exchange withdrawal is now for the short-term holder. Very few indicators scream “accumulation” than long-term holders storing ETH.
Nicolai Sondergaard, one of Nansen’s top analysts, measured current supply trends in Ethereum relative to periods in the past cycle of Bitcoin, when dwindling supplies on exchanges were most times precursors to major price breakout activities. To repeat history, this might find Ether in the way of a huge price surge in the following months to come.
The long-term prospects are bullish but the immediate pricing action for Ethereum is uncertain. The coin is trying hard to breach the $2,800 resistance level and many analysts have theorized that once ETH touches this level, an estimated worth of shorted $822 million will be wiped off the books; potentially this could then lead prices to later rally up towards $4,600.
