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Ethereum Exchange Balances Drop Drastically, What This Means For ETH Price

Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours. 

As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances. 

Ethereum Exchange Supply Plummets

Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.

ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone, whales bought more than 100,000 ETH worth $230 million. 

This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum’s total supply currently sits on exchanges, the lowest it has ever been.  

ETH has failed to clear the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, ETH is now trading at $2,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.

According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout to a target of $3,500.  

Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish. According to crypto analyst Altcoin Daily, ETH’s journey to $10,000 seems sure at the moment, pending Ethereum Spot ETFs a major catalyst for this price growth.

ETH bulls continue to maintain control | Source: ETHUSD on

Featured image from Cointribune, chart from

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.


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