• bitcoinBitcoin (BTC) $ 82,898.00
  • ethereumEthereum (ETH) $ 1,788.98
  • tetherTether (USDT) $ 0.999662
  • xrpXRP (XRP) $ 2.06
  • bnbBNB (BNB) $ 591.68
  • usd-coinUSDC (USDC) $ 0.999923
  • solanaSolana (SOL) $ 115.28
  • dogecoinDogecoin (DOGE) $ 0.164535
  • tronTRON (TRX) $ 0.241744
  • cardanoCardano (ADA) $ 0.637538
  • staked-etherLido Staked Ether (STETH) $ 1,785.54
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 82,672.00
  • leo-tokenLEO Token (LEO) $ 9.42
  • the-open-networkToncoin (TON) $ 3.39
  • chainlinkChainlink (LINK) $ 12.60
  • usdsUSDS (USDS) $ 0.999869
  • stellarStellar (XLM) $ 0.257290
  • wrapped-stethWrapped stETH (WSTETH) $ 2,143.45
  • avalanche-2Avalanche (AVAX) $ 18.00
  • shiba-inuShiba Inu (SHIB) $ 0.000012
  • suiSui (SUI) $ 2.21
  • hedera-hashgraphHedera (HBAR) $ 0.162217
  • litecoinLitecoin (LTC) $ 83.07
  • polkadotPolkadot (DOT) $ 4.06
  • mantra-daoMANTRA (OM) $ 6.32
  • bitcoin-cashBitcoin Cash (BCH) $ 300.55
  • bitget-tokenBitget Token (BGB) $ 4.50
  • ethena-usdeEthena USDe (USDE) $ 0.998978
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
  • wethWETH (WETH) $ 1,786.39
  • wrapped-eethWrapped eETH (WEETH) $ 1,901.26
  • whitebitWhiteBIT Coin (WBT) $ 27.80
  • moneroMonero (XMR) $ 214.73
  • hyperliquidHyperliquid (HYPE) $ 11.60
  • pi-networkPi Network (PI) $ 0.519798
  • uniswapUniswap (UNI) $ 5.79
  • daiDai (DAI) $ 0.999858
  • susdssUSDS (SUSDS) $ 1.05
  • nearNEAR Protocol (NEAR) $ 2.46
  • pepePepe (PEPE) $ 0.000007
  • aptosAptos (APT) $ 4.84
  • okbOKB (OKB) $ 47.43
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 82,803.00
  • gatechain-tokenGate (GT) $ 22.04
  • tokenize-xchangeTokenize Xchange (TKX) $ 33.52
  • crypto-com-chainCronos (CRO) $ 0.095005
  • ondo-financeOndo (ONDO) $ 0.807636
  • mantleMantle (MNT) $ 0.734028
  • internet-computerInternet Computer (ICP) $ 5.09
  • ethereum-classicEthereum Classic (ETC) $ 16.06
  • ethena-staked-usdeEthena Staked USDe (SUSDE) $ 1.17
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.991627
  • aaveAave (AAVE) $ 147.24
  • cosmosCosmos Hub (ATOM) $ 4.92
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • vechainVeChain (VET) $ 0.021851
  • official-trumpOfficial Trump (TRUMP) $ 9.30
  • filecoinFilecoin (FIL) $ 2.77
  • bittensorBittensor (TAO) $ 209.04
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 82,446.00
  • fasttokenFasttoken (FTN) $ 4.05
  • kaspaKaspa (KAS) $ 0.065060
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.190127
  • render-tokenRender (RENDER) $ 3.18
  • celestiaCelestia (TIA) $ 2.72
  • ethenaEthena (ENA) $ 0.297864
  • algorandAlgorand (ALGO) $ 0.182853
  • sonic-3Sonic (prev. FTM) (S) $ 0.488696
  • arbitrumArbitrum (ARB) $ 0.308070
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 82,557.00
  • kucoin-sharesKuCoin (KCS) $ 10.14
  • eosEOS (EOS) $ 0.799760
  • makerMaker (MKR) $ 1,344.26
  • optimismOptimism (OP) $ 0.699250
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.432306
  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,786.31
  • jupiter-exchange-solanaJupiter (JUP) $ 0.383065
  • nexoNEXO (NEXO) $ 1.07
  • story-2Story (IP) $ 4.03
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 1,856.97
  • xdce-crowd-saleXDC Network (XDC) $ 0.066347
  • quant-networkQuant (QNT) $ 67.89
  • usdt0USDT0 (USDT0) $ 1.00
  • binance-staked-solBinance Staked SOL (BNSOL) $ 120.17
  • movementMovement (MOVE) $ 0.376546
  • worldcoin-wldWorldcoin (WLD) $ 0.746131
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,022.38
  • blockstackStacks (STX) $ 0.579807
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
  • bonkBonk (BONK) $ 0.000011
  • dexeDeXe (DEXE) $ 14.93
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 1.00
  • usual-usdUsual USD (USD0) $ 0.997675
  • immutable-xImmutable (IMX) $ 0.454446
  • flare-networksFlare (FLR) $ 0.013260
  • injective-protocolInjective (INJ) $ 8.24
  • sei-networkSei (SEI) $ 0.162226
  • the-graphThe Graph (GRT) $ 0.082399
  • theta-tokenTheta Network (THETA) $ 0.773373
  • tether-goldTether Gold (XAUT) $ 3,097.18
  • paypal-usdPayPal USD (PYUSD) $ 0.999767
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 82,172.00
  • lido-daoLido DAO (LDO) $ 0.825304
  • wbnbWrapped BNB (WBNB) $ 591.11
  • mantle-staked-etherMantle Staked Ether (METH) $ 1,897.00
  • pax-goldPAX Gold (PAXG) $ 3,099.17
  • tezosTezos (XTZ) $ 0.644988
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 82,829.00
  • galaGALA (GALA) $ 0.014926
  • curve-dao-tokenCurve DAO (CRV) $ 0.498941
  • kaiaKaia (KAIA) $ 0.110252
  • the-sandboxThe Sandbox (SAND) $ 0.261486
  • zcashZcash (ZEC) $ 39.82
  • usdx-money-usdxStables Labs USDX (USDX) $ 1.00
  • bittorrentBitTorrent (BTT) $ 0.00000063
  • walrus-2Walrus (WAL) $ 0.500117
  • berachain-beraBerachain (BERA) $ 5.61
  • iotaIOTA (IOTA) $ 0.162661
  • bitcoin-svBitcoin SV (BSV) $ 30.34
  • jito-governance-tokenJito (JTO) $ 1.89
  • flowFlow (FLOW) $ 0.369327
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,862.38
  • msolMarinade Staked SOL (MSOL) $ 147.41
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.81
  • flokiFLOKI (FLOKI) $ 0.000055
  • honey-3Honey (HONEY) $ 0.999007
  • stargate-bridged-usdc-berachainStargate Bridged USDC (Berachain) (USDC.E) $ 0.999922
  • grassGrass (GRASS) $ 1.89
  • raydiumRaydium (RAY) $ 1.76
  • heliumHelium (HNT) $ 2.77
  • true-usdTrueUSD (TUSD) $ 0.998490
  • ethereum-name-serviceEthereum Name Service (ENS) $ 14.98
  • jasmycoinJasmyCoin (JASMY) $ 0.010240
  • pendlePendle (PENDLE) $ 3.08
  • beldexBeldex (BDX) $ 0.070791
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 126.43
  • resolv-usrResolv USR (USR) $ 0.999661
  • dydx-chaindYdX (DYDX) $ 0.613275
  • pumpbtcpumpBTC (PUMPBTC) $ 81,267.00
  • pyth-networkPyth Network (PYTH) $ 0.130449
  • sonic-bridged-usdc-e-sonicSonic Bridged USDC.e (Sonic) (USDC.E) $ 1.00
  • olympusOlympus (OHM) $ 27.41
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 1.00
  • decentralandDecentraland (MANA) $ 0.239223
  • telcoinTelcoin (TEL) $ 0.004809
  • kavaKava (KAVA) $ 0.404643
  • infrared-beraInfrared Bera (IBERA) $ 5.61
  • spx6900SPX6900 (SPX) $ 0.471222
  • coredaoorgCore (CORE) $ 0.433750
  • apenftAPENFT (NFT) $ 0.00000044
  • axie-infinityAxie Infinity (AXS) $ 2.68
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 1,893.60
  • fartcoinFartcoin (FARTCOIN) $ 0.428394
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.163938
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 82,693.00
  • clbtcclBTC (CLBTC) $ 83,118.00
  • elrond-erd-2MultiversX (EGLD) $ 14.76
  • ousgOUSG (OUSG) $ 110.55
  • hashnote-usycHashnote USYC (USYC) $ 1.09
  • usdbUSDB (USDB) $ 0.993209
  • roninRonin (RON) $ 0.655142
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 1,783.05
  • saros-financeSaros (SAROS) $ 0.151018
  • conflux-tokenConflux (CFX) $ 0.079583
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 1,794.19
  • compound-governance-tokenCompound (COMP) $ 44.08
  • chilizChiliz (CHZ) $ 0.041520
  • thorchainTHORChain (RUNE) $ 1.11
  • starknetStarknet (STRK) $ 0.134964
  • wormholeWormhole (W) $ 0.086275
  • super-oethSuper OETH (SUPEROETHB) $ 1,776.98
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.10
  • reserve-rights-tokenReserve Rights (RSR) $ 0.006849
  • ecasheCash (XEC) $ 0.000019
  • dogwifcoindogwifhat (WIF) $ 0.371711
  • arweaveArweave (AR) $ 5.65
  • tbtctBTC (TBTC) $ 82,607.00
  • plumePlume (PLUME) $ 0.182062
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 1,865.59
  • fraxFrax (FRAX) $ 0.999114
  • apecoinApeCoin (APE) $ 0.439056
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 0.533571
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • trust-wallet-tokenTrust Wallet (TWT) $ 0.809781
  • beam-2Beam (BEAM) $ 0.006442
  • matic-networkPolygon (MATIC) $ 0.190831
  • layerzeroLayerZero (ZRO) $ 3.00
  • axelarAxelar (AXL) $ 0.348786
  • binance-peg-busdBinance-Peg BUSD (BUSD) $ 0.999424
  • neoNEO (NEO) $ 4.64
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 1,794.69
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 1,787.03
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000058
  • justJUST (JST) $ 0.031928
  • amp-tokenAmp (AMP) $ 0.003695
  • solayerSolayer (LAYER) $ 1.46
  • usddUSDD (USDD) $ 1.00
  • gnosisGnosis (GNO) $ 115.41
  • cheems-tokenCheems Token (CHEEMS) $ 0.000001
  • based-brettBrett (BRETT) $ 0.030184

Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move?

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Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move?

According to recent data from CryptoQuant, Ethereum (ETH) reserves on centralized cryptocurrency exchanges have dropped to a nine-year low. Experts suggest that this dwindling ETH supply could indicate an impending ‘supply shock,’ potentially fuelling a significant rally in the cryptocurrency.

Ethereum Reserves At 9-Year Low

Ethereum, the second-largest cryptocurrency by market cap, continues to trade within the mid-$2,000 range, sitting at $2,721 at the time of writing. Unlike Bitcoin (BTC), ETH has had a relatively quiet 2024, struggling to break past its all-time high (ATH) of $4,878, recorded in November 2021.

This lackluster price action has contributed to waning investor confidence in ETH. However, the digital asset recently managed to defend the critical $2,380-$2,460 demand zone, rekindling bullish hopes for a potential breakout above the stubborn $3,000 resistance level.

More notably, ETH reserves on centralized exchanges continue to plummet, which could lead to a supply shock – a scenario where demand for the asset surpasses its liquid supply. If this materializes, ETH may experience rapid price appreciation.

For the uninitiated, a supply shock in the crypto industry occurs when the demand for the underlying digital asset exceeds its liquid supply. As a result, the underlying asset – ETH, in this case – may experience sharp price appreciation in a short time.

As of today, ETH reserves on centralized crypto exchanges have fallen to 18.95 million, a level last seen in July 2016. Notably, ETH was trading at $14 at the time.

Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move?

Recent analysis from seasoned crypto analyst Crypto Buddha suggests that ETH may be on the verge of a major price move. The analyst highlights how ETH has broken through a diagonal resistance level, signalling a potential bullish breakout.

Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move?

Furthermore, Bitcoin (BTC) is exhibiting similar price behavior. A successful BTC breakout could spark a broader crypto market rally, driving significant gains across various digital assets. Crypto Buddha noted:

Bitcoin‘s price action is following a similar pattern with a triangular convergence, raising the question of whether it can break through successfully like Ethereum. Since the low of $91,000, Bitcoin has been consolidating for 10 days. The market is at a crucial juncture, and it’s time to pick a direction.

Will ETH Investors Finally Have Their Time?

Unlike competitors such as Solana (SOL), SUI, and XRP, which have all seen significant price appreciation over the past year, ETH has struggled to capitalize on bullish momentum. Bearish sentiment surrounding ETH has been on unprecedented levels.

However, analysts are confident that ETH may soon surprise the market. Recent analysis by Titan of Crypto emphasizes that ETH may soon enter its ‘most hated rally,’ leading to major price appreciation.

That said, concerns about the Ethereum Foundation selling copious amounts of ETH continue to haunt the holders. At press time, ETH trades at $2,721, down 4.7% in the past 24 hours.

Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move?

Featured image from Unsplash, charts from CryptoQuant and Tradingview.com

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