Ethereum’s Supply Tightening on Binance: A Bullish Signal?
Ethereum’s (ETH) price lingered around $4,330, under slight pressure but stable overall. It recently peaked at $4,946 but has settled just under $4,400. on-chain data suggests a bullish trend might be brewing.
Analyst Arab Chain noted a drop in Binance’s Ethereum exchange Supply Ratio, from 0.041 to 0.037. This fall happened over two weeks without causing price corrections. In layman’s terms, fewer Ethereum coins are sitting in trading wallets, which usually indicates growing investor confidence.
- When fewer coins are on exchanges, sell pressure reduces.
- historically, this pattern precedes bull markets.
Ethereum’s daily chart shows a narrow band,hinting at low volatility before a possible breakthrough. Currently, it faces key resistance at $4,480 but enjoys support at $4,240. Short-term indicators show a slight dip, but long-term trends remain bullish.
If ETH breaks above $4,480, it could aim for $4,600. However,failing to hold above $4,240 may lead prices down towards $4,050. Watch for on-chain movements and market sentiment to gauge Ethereum’s direction more clearly.
