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Home Ethereum

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  Ethereum Price Spikes 5% In A Day—Will the Rally Continue?

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’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • 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  Dolce & Gabbana Hit With Lawsuit Over Alleged 97% Loss on Metaverse Outfit NFTs

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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Comments 2

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  2. minihints says:
    10 months ago

    Thanks I have recently been looking for info about this subject for a while and yours is the greatest I have discovered so far However what in regards to the bottom line Are you certain in regards to the supply

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