In the report shared on the X platform, Waidmann stated that the ETH balance on crypto exchanges has recently hit an all-time low after examining the Ethereum Percent Balance on Exchanges metric. The significant wave of withdrawal implies that more holders are shifting their holdings into long-term storage or private wallets, effectively decreasing the amount of ETH that is available for trading on these platforms.
When coins are leaving exchanges, it often points to growing confidence among investors. While also tightening market liquidity, this development could play a key role in shaping and determining the next major price move for ETH.
ETH Is Setting Up For A Strong Bounce On the 3-week time frame chart, ETH has formed a 3-year trend line, and it is still holding. The $2,100 mark is acting as the support trendline, and the $4,100 level remains the key resistance, acting as the upper line. If the altcoin loses this level, which marks its first since 2022, the structure will undergo a reset. Meanwhile, in the event that ETH holds this structure, it will result in a 339% move.
