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Ethereum Supply on Exchanges Plummet to Lowest Since 2015, Bulls Eyeing Three Price Targets

Bulls, Ethereum, Exchanges, Eyeing, Lowest, Plummet, Price, Supply, Targets

“Ethereum’s supply on exchanges has plunged to levels not seen since 2015, signaling a significant shift in investor behavior and potentially paving the way for a bullish rally. With this trend, experts speculate three price targets that could catapult Ethereum to new heights.”

The Ethereum supply on exchanges has been steadily declining since the FTX crash in 2022. This decline is a result of growing distrust for centralized exchanges and investors choosing to self-custody their tokens. As a result, the amount of Ethereum held on exchanges has now reached its lowest point since its inception.

When Ethereum was first launched in 2015, the amount of ETH available on exchanges was naturally low due to it being a new player in the market. However, over the years, as Ethereum gained widespread acceptance and began trading on numerous exchanges, the exchange balances steadily rose.

But now, there has been a shift in the trend. Crypto investors are opting to hold their ETH in private wallets instead of leaving them on exchanges. This has resulted in only 8.41% of the total ETH circulating supply being available on exchanges.

According to on-chain data tracker Santiment, this is the lowest level of Ethereum exchange balances since Genesis in 2015. The move away from exchanges coincides with a rapid increase in price, suggesting that holder accumulation has played a significant role in the digital asset’s recovery. If exchange balances continue to fall, indicating less willingness to sell off ETH and lower sell pressure, the value of Ethereum could continue to soar.

In terms of price targets, Ethereum bulls have cleared the $1,700 resistance and are now focusing on higher price points. The next significant resistance lies at $1,850, which the bulls were rejected from recently. Overcoming this level will establish a stronger bull trend.

The $1,920 level is another major roadblock expected to provide resistance for the ETH price. Bulls will likely face significant challenges at this level. Finally, the $2,000 mark is a crucial price level for Ethereum, and reclaiming it from the bears and turning it into support could signal an end to the downward trend.

Overall, the decline in Ethereum supply on exchanges indicates a shift in investor behavior towards self-custody and a growing distrust for centralized exchanges. This, coupled with increasing price levels and potential resistance, sets the stage for an exciting period for Ethereum and its investors.

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