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Ethereum: Should you follow ETH whales as exchange balances hit a new low?

August 11, 2024
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Ethereum: Should you follow ETH whales as exchange balances hit a new low?
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  • ETH exchange balance has hit a new low, signaling an upcoming supply crunch. 
  • ETH could target the previous range-low if improved market sentiment persists. 

Ethereum [ETH] exchange balances have hit a new low, reinforcing a supply shock for the world’s largest altcoin. And yet, ETH whales have ramped up accumulation despite the recent dip, according to on-chain analyst Leon Waidmann. 

‘Despite the dip, whales keep stacking #Ethereum! The #ETH Exchange Balance just hit a new LOW’

Ethereum

Source: Gassnode

The percentage of Ethereum balance has dropped to 10% as of 10 August. That translated to about 12 million ETH on exchanges, a declining supply trend that would theoretically set the pace for a rally in ETH prices. 

This meant that the available ETH supply on centralized exchanges dipped to record lows. This further underscored that investors were moving their ETH holdings off CEXs for accumulation or self-custody.

In most cases, this can be viewed as a bullish cue for ETH. 

ETH network effects surged

Meanwhile, during the rebound from the price lows of $2.1k on 5th August, ETH active addresses surged by over 130K, increasing from 440K to 571K by 10th August. 

Over the same period, new addresses also surged by over 60K, underscoring a strong ETH network growth. 

Ethereum

Source: IntoTheBlock

However, weekly ETH demand from US investors was mixed, especially based on ETH ETF flows. Last week, the products saw positive flows of $48.7 million and $98 million on Monday and Tuesday. They scooped the dip. 

However, ETFs saw a negative streak from Wednesday to Friday, totaling $42 million in outflows.  

See also  Solana-Style Transaction Fees, on Ethereum? Yes Please.

ETH price action

Ethereum

Source: ETH/USDT, TradingView

On the price charts, ETH’s overall recovery had hit nearly 30%, jumping from $2.1K to over $2.6K as of press time. It reclaimed the crucial $2.5K level, but the previous range-lows at $2.9K was yet to be retested or reclaimed. 

As a result, the range lows were a key level to watch if the recovery extended into the new week. However, any retracement of the recovery gains would force bulls to attempt to defend the $2.5k level.

Next: Celsius vs Tether: Breaking down the $2.4B Bitcoin lawsuit

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

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  • ETH exchange balance has hit a new low, signaling an upcoming supply crunch. 
  • ETH could target the previous range-low if improved market sentiment persists. 

Ethereum [ETH] exchange balances have hit a new low, reinforcing a supply shock for the world’s largest altcoin. And yet, ETH whales have ramped up accumulation despite the recent dip, according to on-chain analyst Leon Waidmann. 

‘Despite the dip, whales keep stacking #Ethereum! The #ETH Exchange Balance just hit a new LOW’

Ethereum

Source: Gassnode

The percentage of Ethereum balance has dropped to 10% as of 10 August. That translated to about 12 million ETH on exchanges, a declining supply trend that would theoretically set the pace for a rally in ETH prices. 

This meant that the available ETH supply on centralized exchanges dipped to record lows. This further underscored that investors were moving their ETH holdings off CEXs for accumulation or self-custody.

See also  Ethereum turns deflationary: What it means for ETH prices in 2025

In most cases, this can be viewed as a bullish cue for ETH. 

ETH network effects surged

Meanwhile, during the rebound from the price lows of $2.1k on 5th August, ETH active addresses surged by over 130K, increasing from 440K to 571K by 10th August. 

Over the same period, new addresses also surged by over 60K, underscoring a strong ETH network growth. 

Ethereum

Source: IntoTheBlock

However, weekly ETH demand from US investors was mixed, especially based on ETH ETF flows. Last week, the products saw positive flows of $48.7 million and $98 million on Monday and Tuesday. They scooped the dip. 

However, ETFs saw a negative streak from Wednesday to Friday, totaling $42 million in outflows.  

ETH price action

Ethereum

Source: ETH/USDT, TradingView

On the price charts, ETH’s overall recovery had hit nearly 30%, jumping from $2.1K to over $2.6K as of press time. It reclaimed the crucial $2.5K level, but the previous range-lows at $2.9K was yet to be retested or reclaimed. 

As a result, the range lows were a key level to watch if the recovery extended into the new week. However, any retracement of the recovery gains would force bulls to attempt to defend the $2.5k level.

Next: Celsius vs Tether: Breaking down the $2.4B Bitcoin lawsuit
Tags: BalancesETHEthereumExchangeFollowhitwhales

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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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NodeMonkes becomes all-time Bitcoin NFT leader, tops daily sales with US$1.62 million

NodeMonkes becomes all-time Bitcoin NFT leader, tops daily sales with US$1.62 million

May 3, 2024
Personal Electronic Dosimeter Market: Trends, Size, Share, Growth, and Demand by 2030

Personal Electronic Dosimeter Market: Trends, Size, Share, Growth, and Demand by 2030

November 15, 2024
AIOZ Network Excels in Web3 Innovation with Google for Startups Program Inclusion

AIOZ Network Excels in Web3 Innovation with Google for Startups Program Inclusion

December 30, 2023
Agnostic Nature of Blockchain Technology ‘Makes It the Ideal Foundation for Global Travel Industry’ — Pablo Castillo

Agnostic Nature of Blockchain Technology ‘Makes It the Ideal Foundation for Global Travel Industry’ — Pablo Castillo

October 18, 2023

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