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Home Ethereum

Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price

November 21, 2023
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Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price
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Ethereum recently cleared the $2,000 price level again in the past 24 hours, as filings of Spot Ethereum ETFs in the US start to pile up. New on-chain data has shown a clearer sentiment among ETH investors, and it looks like many are getting ready for the long haul. 

Data shows that the amount of Ethereum held on exchanges has dropped since the middle of last week to the lowest levels since 2018. That means fewer people are selling their Ethereum, and more are holding onto it or staking it.

Ethereum Exchange Supply Plummeting

Although Ethereum is still down by 2.57% in the past seven days, the cryptocurrency is now trading above $2,000 after breaking the barrier on Monday, November 21. The recent surge would be the third time Ethereum crossed over the price level this month, as it’s still looking to maintain a sustained price increase. 

The recent spikes can be attributed to applications of Ethereum Spot ETFs piling up in front of the US SEC. BlackRock, in particular, joined the spot Ethereum ETF race on November 15th, igniting a price spike that pushed ETH past the $2,000 mark for the second time this month.

It would appear that investors reacted to BlackRock’s ETH filing with the same sentiment they had in response to the investment company’s spot Bitcoin filing. CryptoQuant’s Exchange Reserves metric indicates that investor sentiment started to change around this period, as investors started to pull their assets off of exchanges into cold storage immediately after the news. 

According to the metric, the number of ETH deposited across crypto exchanges amounted to 14.5 million as of November 15. However, this figure dropped by 152,583 ETH in the days after to reach 14.3 million on November 20th. 

EthereumSource: CryptoQuant

IntoTheBlock’s exchange netflow reveals a similar sentiment. The netflow calculates the number of tokens entering exchanges minus tokens leaving exchanges. According to the metric, exchanges have had around 228,450 ETH more in outflows than inflows since November 15.

Ethereum 1Source: IntoTheBlock

What To Expect For ETH Price Action In The Coming Months

 Dropping exchange reserves reduces the amount of ETH available for trading, thereby increasing scarcity. The data from both Cryptoquant and IntoTheBlock indicates Ethereum might be gearing up for a price spike fueled by increasing scarcity.

See also  Ethereum Bulls Get Aggressive As Traders Set Sights on $4,000

Ethereum is trading at $2,013 at the time of writing. We’ve already seen the crypto increase by 67% from $1,200 at the beginning of the year, and many analysts expect this trend to continue if supply tightens. According to crypto analyst Tony The Bull, Ethereum could cross $10,000 very soon if a bullish scenario plays out.

Ethereum price chart from Tradingview.com (ETH exchange balances)

ETH price holds $2,000 | Source: ETHUSD on Tradingview.com

Featured image from Exame, chart from Tradingview.com

READ ALSO

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Ethereum recently cleared the $2,000 price level again in the past 24 hours, as filings of Spot Ethereum ETFs in the US start to pile up. New on-chain data has shown a clearer sentiment among ETH investors, and it looks like many are getting ready for the long haul. 

Data shows that the amount of Ethereum held on exchanges has dropped since the middle of last week to the lowest levels since 2018. That means fewer people are selling their Ethereum, and more are holding onto it or staking it.

Ethereum Exchange Supply Plummeting

Although Ethereum is still down by 2.57% in the past seven days, the cryptocurrency is now trading above $2,000 after breaking the barrier on Monday, November 21. The recent surge would be the third time Ethereum crossed over the price level this month, as it’s still looking to maintain a sustained price increase. 

The recent spikes can be attributed to applications of Ethereum Spot ETFs piling up in front of the US SEC. BlackRock, in particular, joined the spot Ethereum ETF race on November 15th, igniting a price spike that pushed ETH past the $2,000 mark for the second time this month.

See also  77K Ethereum Moved to Derivatives—Is Another Price Crash Looming?

It would appear that investors reacted to BlackRock’s ETH filing with the same sentiment they had in response to the investment company’s spot Bitcoin filing. CryptoQuant’s Exchange Reserves metric indicates that investor sentiment started to change around this period, as investors started to pull their assets off of exchanges into cold storage immediately after the news. 

According to the metric, the number of ETH deposited across crypto exchanges amounted to 14.5 million as of November 15. However, this figure dropped by 152,583 ETH in the days after to reach 14.3 million on November 20th. 

EthereumSource: CryptoQuant

IntoTheBlock’s exchange netflow reveals a similar sentiment. The netflow calculates the number of tokens entering exchanges minus tokens leaving exchanges. According to the metric, exchanges have had around 228,450 ETH more in outflows than inflows since November 15.

Ethereum 1Source: IntoTheBlock

What To Expect For ETH Price Action In The Coming Months

 Dropping exchange reserves reduces the amount of ETH available for trading, thereby increasing scarcity. The data from both Cryptoquant and IntoTheBlock indicates Ethereum might be gearing up for a price spike fueled by increasing scarcity.

Ethereum is trading at $2,013 at the time of writing. We’ve already seen the crypto increase by 67% from $1,200 at the beginning of the year, and many analysts expect this trend to continue if supply tightens. According to crypto analyst Tony The Bull, Ethereum could cross $10,000 very soon if a bullish scenario plays out.

Ethereum price chart from Tradingview.com (ETH exchange balances)

ETH price holds $2,000 | Source: ETHUSD on Tradingview.com

Featured image from Exame, chart from Tradingview.com

See also  Ethereum: Should holders wait before selling ETH for profits

Tags: 5YearDropsEthereumExchangeLowsMeansPricesupply

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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As Lido bids goodbye to Solana, SOL rallies

As Lido bids goodbye to Solana, SOL rallies

October 17, 2023
PepeCoin Cryptocurrency (pepecoin) Price Prediction 2023 2024 2025

Bitcoin Cash (BCH) Price Prediction For

February 8, 2024
Bitcoin Miners Bank Big in May—Highest Monthly Earnings Since the Halving

Bitcoin Miners Bank Big in May—Highest Monthly Earnings Since the Halving

June 2, 2025
What are open-source protocols, and how do they work?

What are open-source protocols, and how do they work?

October 31, 2023

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