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Monday, March 4, 2024

Ethereum Crashes to 6-Week Lows Despite ETH on Exchanges Declining

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The number of ETH sitting on crypto exchanges continues to decrease and is now down to its lowest position since public trading began almost a decade ago.

However, that has not stopped the price of the second-largest cryptocurrency from further dropping to a new 6-week low.

  • CryptoPotato reported in late March that the Ethereum supply held on exchanges had declined to just 10.31%.
  • It seems investors have only continued withdrawing their ETH portions from trading platforms, as Santiment updated that the percentage has further declined to 10.1%.
  • The analytics resource asserted that this is the lowest figure since the asset began public trading after its launch in 2015.
  • At first, this data should sound bullish for the asset. This is because the selling pressure should be lower, given the fact that there are fewer coins sitting on trading platforms.
  • However, this has not been the case for the past few days. ETH touched $2,000 less than a week ago, but the subsequent rejection pushed it down hard.
  • After the CPI announcement on Wednesday, it pumped to $1,900 once again. Since then, though, ETH has plummeted by over $200 and earlier today charted a 6-week low of $1,740 (on Bitstamp).

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