Ethereum Price Today: $2,580
- Ethereum supply on exchanges has plummeted to its lowest level since August 2024, signaling a dominant bullish momentum.
- Whales continue their buying pressure, expanding their balance by more than 670,000 ETH in the last nine days.
- ETH continues to consolidate near the key $2,500 level amid a lack of directional bias.
Ethereum (ETH) saw a 2% gain in Thursday’s Asian session, reclaiming the key $2,500 level after whales accelerated their buying pressure.
Ethereum Supply on Exchanges Shrinks Amid Whale Demand
The supply of Ethereum on exchanges extended its decline to 18.73 million ETH on Wednesday, indicating sustained buying pressure in the market. Since the metric began a downward trend on April 24, more than 1 million ETH have left exchanges for private wallets for potential long-term holding. As a result, the ETH supply on exchanges has reached its lowest level since August 2024.
The reduction in supply on exchanges partly explains why the price of ETH has maintained an upward trajectory since the same date.
As in previous weeks, whales with a balance of 10K-100K continued to lead the buying activity, increasing their holdings by a net of 670K ETH in the last nine days. However, smaller holders have been distributing, with their total balance decreasing by 110K ETH during the same period.
Despite the dominant buying pressure in the spot market, ETH continues to move within a range near the $2,500 mark. ETH futures bubble maps show an increase in trading volume whenever prices move below or above $2,500, making it a critical level that could define the next major trend of the altcoin.
Meanwhile, search interest for Ethereum has risen again near the 60-point mark, up from 45 on May 17, but down from the 100-point level seen during the rally from May 8-9. This indicates that intense retail excitement is not leading the price of ETH, leaving room for more robust price growth.
Ethereum Price Forecast: ETH Awaits a Catalyst Amid Lack of Directional Bias
Ethereum experienced $106.52 million in futures liquidations in the last 24 hours, according to data. The total amount of long and short positions liquidated is $56.20 million and $50.32 million, respectively.
After closing near $2,500 on Tuesday, ETH briefly surpassed $2,600 on Wednesday but saw a rejection just below the 200-day Simple Moving Average (SMA). The leading altcoin is up 2% at the time of writing, as bulls seek to maintain a firm move above the $2,500 level.
ETH needs a high-volume move above the $2,850 resistance or below the $2,260 – $2,100 range to establish its next direction. A move above $2,850 could lead ETH to a rally towards the $3,250 resistance, while a break below $2,100 could send its price to the $1,688 support.
The Relative Strength Index (RSI) continued its horizontal trend near the overbought line, indicating a slight weakness in bullish momentum. Meanwhile, the Moving Average Convergence/Divergence (MACD) indicator is testing its moving average line while its histogram bars are about to turn negative. A successful cross below will signal an increase in downward pressure.
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