{"id":561717,"date":"2023-11-21T17:00:03","date_gmt":"2023-11-21T17:00:03","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=561717"},"modified":"2023-11-21T10:20:07","modified_gmt":"2023-11-21T10:20:07","slug":"ethereum-exchange-supply-price","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-exchange-supply-price\/","title":{"rendered":"Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Ethereum recently <\/span><a href=\"https:\/\/www.ktsl888.com\/analysis\/eth\/ethereum-price-clears-hurdle-2020\/\"><span style=\"font-weight: 400\">cleared the $2,000 price level<\/span><\/a><span style=\"font-weight: 400\"> 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<h2>Ethereum Exchange Supply Plummeting<\/h2>\n<p><span style=\"font-weight: 400\">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 <\/span><a href=\"https:\/\/www.ktsl888.com\/analysis\/eth\/ethereum-price-bullish-momentum-2200\/\"><span style=\"font-weight: 400\">crossed over the price level<\/span><\/a><span style=\"font-weight: 400\"> this month, as it&#8217;s still looking to maintain a sustained price increase.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/shiba-inu\/shiba-inu-burn-rate-98-79\/\">Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million Tokens Burned<\/a><\/div>\n<p><span style=\"font-weight: 400\">The recent spikes can be attributed to applications of <\/span><a href=\"https:\/\/bitcoinist.com\/fidelity-ethereum-spot-etf\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ethereum Spot ETFs piling up<\/span><\/a><span style=\"font-weight: 400\"> in front of the US SEC. BlackRock, in particular, <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-spot-etf-blackrock\/\"><span style=\"font-weight: 400\">joined the spot Ethereum ETF race<\/span><\/a><span style=\"font-weight: 400\"> on November 15th, igniting a price spike that pushed ETH past the $2,000 mark for the second time this month.<\/span><\/p>\n<p><span style=\"font-weight: 400\">It would appear that investors reacted to BlackRock&#8217;s ETH filing with the same sentiment they had in response to the investment company&#8217;s spot Bitcoin filing. CryptoQuant&#8217;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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-561719 aligncenter\" src=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-15.png?w=460&#038;resize=460%2C314\" alt=\"Ethereum\" width=\"460\" height=\"314\" srcset=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-15.png?w=512 512w, https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-15.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\">Source: CryptoQuant\r\n\r\n<\/pre>\n<p><span style=\"font-weight: 400\">IntoTheBlock&#8217;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.<\/span><\/p>\n<pre style=\"text-align: center\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-561720 aligncenter\" src=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-1-1.png?w=460&#038;resize=460%2C306\" alt=\"Ethereum 1\" width=\"460\" height=\"306\" srcset=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-1-1.png?w=512 512w, https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/11\/Ethereum-1-1.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\">Source: IntoTheBlock\r\n\r\n<\/pre>\n<h2>What To Expect For ETH Price Action In The Coming Months<\/h2>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><span style=\"font-weight: 400\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/news\/bitcoin\/crypto-600-bitcoin-price-surge\/\">Crypto Market Expert Identifies The Trigger For 600% Bitcoin Price Surge<\/a><\/div>\n<p><span style=\"font-weight: 400\">Ethereum is trading at $2,013 at the time of writing. We&#8217;ve already seen the crypto increase by 67% from $1,200 at the beginning of the year, and many <\/span><a href=\"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-bulls-may-propel-price-to-3100-analyst-suggests\/\"><span style=\"font-weight: 400\">analysts expect this trend to continue<\/span><\/a><span style=\"font-weight: 400\"> if supply tightens. According to crypto analyst Tony The Bull, Ethereum could cross $10,000 very soon<\/span><a href=\"https:\/\/www.ktsl888.com\/news\/ethereum\/ethereum-destined-for-10000\/\"><span style=\"font-weight: 400\"> if a bullish scenario plays out<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/75kESPry\/\" alt=\"Ethereum price chart from Tradingview.com (ETH exchange balances)\" width=\"2650\" height=\"1696\"><\/p>\n<pre style=\"text-align: center\">ETH price holds $2,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">ETHUSD on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\">Featured image from Exame, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 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&#8217;s still looking to maintain a sustained price increase.\u00a0 Related Reading: Shiba Inu Burn Rate Crashes 98.79% With Less Than 1 Million Tokens Burned 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&#8217;s ETH filing with the same sentiment they had in response to the investment company&#8217;s spot Bitcoin filing. CryptoQuant&#8217;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.\u00a0 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.\u00a0 Source: CryptoQuant IntoTheBlock&#8217;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. Source: IntoTheBlock What To Expect For ETH Price Action In The Coming Months \u00a0Dropping 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. Related Reading: Crypto Market Expert Identifies The Trigger For 600% Bitcoin Price Surge Ethereum is trading at $2,013 at the time of writing. We&#8217;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. ETH price holds $2,000 | Source: ETHUSD on Tradingview.com Featured image from Exame, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":561730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,90240,89213,16163,1946,85534,7931,6931,90239,8686],"class_list":["post-561717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-exchange-supply","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-exchange-supply","tag-ethereum-news","tag-ethereum-price","tag-ethsudt","tag-ethusd"],"acf":[],"yoast_head":"\n<title>Ethereum Exchange Supply Drops To 5-Year Lows, What This Means For Price<\/title>\n<meta name=\"description\" content=\"Ethereum recently cleared the $2,000 price level again in the past 24 hours, 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