Ethereum’s Share in Exchanges Hits 8-Year Low, Signaling Holder Accumulation

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The Essentials in Brief

The share of Ethereum (ETH) in exchange inventories has hit an 8-year low, with only 10% remaining. This could be an indicator of a reduced willingness to sell and possible accumulation by the holders. Moreover, the current price development of Ethereum shows slight recovery tendencies.

Ethereum Supplies on Exchanges are Dwindling

In recent weeks, the amount of Ethereum held on exchanges has significantly reduced. Current analyses suggest that only about 10.19% of the total ETH holdings are available on the exchanges. This marks the lowest level since 2016 and signals that many holders have withdrawn their ETH from the exchanges. Such a reduction in supply on the exchanges could reduce selling pressure and contribute to price stabilization.

Net Outflows Dominate

The analysis of exchange flow shows that in recent days more Ethereum has left the exchanges than has been added. The current net flow is at -1,481, which confirms that the trend towards outflows continues. This supports the thesis that the reduction of ETH amounts available on exchanges may indicate an accumulation phase.

Analysis of ETH Price Development

At the time of analysis, Ethereum was trading at about $3,540, representing an increase of about 1.7%. After a previous price drop, this development indicates a possible recovery. The analysis of the Relative Strength Index (RSI) also suggests that the previous downward trend may be losing momentum, which could indicate stabilization or possible price increases in the near future.

Our Assessment

The significant reduction of Ethereum amounts held on exchanges, coupled with the current positive price developments, could be a good sign for investors and holders of ETH. It shows that there may be less selling pressure and some accumulation is taking place. In the long term, this could lay the foundation for a sustainable price increase of Ethereum. However, investors should continue to monitor the market and base their investment decisions on comprehensive analyses.

Sources: Glassnode, CryptoQuant, TradingView

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