NewsBTC
Jun 2, 2025
3 0

Ethereum Supply on Exchanges Reaches Lowest Level in Seven Years

Ethereum Performance Overview

  • Ethereum has risen over 100% since early April, from around $1,600 to above $2,700.
  • The asset is facing resistance as it attempts to maintain momentum amid global economic uncertainty.
  • Supply on centralized exchanges has dropped to a seven-year low, indicating reduced selling pressure.

Current Trading Status

  • ETH is consolidating around $2,500 after struggling to break the $2,700 resistance level.
  • Recent price action shows lower highs and a decline below the 34 EMA ($2,557).
  • Volume has decreased during this pullback, suggesting potential weakness in selling pressure.

Market Outlook

  • If ETH fails to reclaim $2,550 soon, bearish momentum may lead to a drop towards the 200 SMA at approximately $2,358.
  • Holding above $2,450 could indicate resilience and pave the way for a rebound towards the $2,650–$2,700 zone.
  • A breakout above $2,700 could trigger aggressive buying and initiate a new bullish phase.