Ethereum

Read

Spot

<ul> 
 <li>Ethereum supply on exchanges drops to its lowest since 2016, signaling potential scarcity and upward price pressure.</li> 
 <li>Significant ETH withdrawals suggest investor confidence in long-term gains ahead of the Spot Ethereum ETF launch.</li> 
 <li>Despite a bearish MACD, reduced Ethereum supply and ETF anticipation hint at future price appreciation.</li> 
</ul> 
<p>Ethereum’s presence on centralized exchanges has dropped to its lowest point since 2016, ahead of the anticipated launch of the <a href="https://cryptonewsland.com/ethereum-etfs-projected-to-start-live-trading-by-july-2/">Spot Ethereum ETF in July</a>. Recent data reveals that only 12 million Ethereum, approximately 10% of the total supply, remain on these exchanges after investors withdrew 4.1 million ETH within ten days.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Only 12 Mio. <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> or 10% of Ether supply remains on centralized exchanges after investors withdrew 4.1 Mio. <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> from CEXes in 10 days.<br><br>ETH on CEXes is at its lowest level since 2016!<br><br>Nobody has yet fully grasped how bullish this is in combination with the ETF launch! <a href="https://t.co/ZB58t9yv5H">pic.twitter.com/ZB58t9yv5H</a></p>— Leon Waidmann | On-Chain Insights
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50d.png" alt="🔍" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LeonWaidmann) <a href="https://twitter.com/LeonWaidmann/status/1802768146648256918?ref_src=twsrc%5Etfw">June 17, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h3 class="wp-block-heading" id="h-implications-of-decreased-ethereum-supply"><strong>Implications of Decreased Ethereum Supply</strong></h3> 
<p>The significant reduction in Ethereum supply on centralized exchanges could have notable implications for its market dynamics. This trend suggests a potential scarcity of Ethereum available for trading, which could drive upward pressure on its price. The principle of supply and demand is a fundamental concept in asset markets, and this is particularly relevant in the volatile and sentiment-driven crypto market.</p> 
<p>According to <a href="https://www.tradingview.com/news/u_today:df5997df8094b:0-coinbase-sees-over-1-billion-ethereum-outflow-what-s-happening/">TradingView</a>, these substantial withdrawals could indicate a positive outlook for Ethereum’s long-term prospects. When a large quantity of a cryptocurrency is withdrawn from exchanges, it often signals that investors are holding onto their assets, anticipating future price increases.</p> 
<h3 class="wp-block-heading" id="h-technical-indicators-and-market-sentiment"><strong>Technical Indicators and Market Sentiment</strong></h3> 
<p>At the time of writing, Ethereum’s Relative Strength Index (RSI) stands at 42.19, indicating that the cryptocurrency is neither overbought nor oversold. This level suggests that there may be potential for a market reversal in the near future.</p> 
<p>However, the Moving Average Convergence Divergence (MACD) indicator shows a reading of -8.32, reflecting a bearish trend in the market. Despite this bearish indicator, the overall market sentiment remains cautiously optimistic due to the reduced supply on exchanges and the upcoming ETF launch.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfG4OWFEBi7ce-jg5hs094rIh_3oA8u9hXDcUtMZBPESOXfoL0m0NmGVv30dnQrR9cr9kKFYIYDMuQhpj2s4m0uRwH1d_uPP-9y42DVUR5dsFNlxyILSu1yjqOxRsh6vbOJWVLTYOWFpPZGdzQeW2BiwRzt?key=nB2pmfobmQWqHbNFIhbQrw" alt="">
</figure> 
<p>Source: <a href="https://www.tradingview.com/x/tlvspz8T/">TradingView</a></p> 
<h3 class="wp-block-heading" id="h-market-performance-and-future-prospects"><strong>Market Performance and Future Prospects</strong></h3> 
<p>At press time, Ethereum was trading at <a href="https://coinmarketcap.com/currencies/ethereum/">$3,437.39</a>, with a 24-hour trading volume of $20.7 billion. The cryptocurrency has seen a 4.23% decline in the last 24 hours. Ethereum currently ranks second on CoinMarketCap, boasting a market cap of approximately $420.3 billion and a circulating supply of 122.3 million ETH coins.</p> 
<p>The expected introduction of the Ethereum spot ETF is likely to further influence market dynamics. While the exact impact of the <a href="https://cryptonewsland.com/ethereum-breaks-3500-barrier-could-it-reach-5000-this-year/">substantial ETH outflow</a> is yet to be fully realized, such movements are generally viewed as bullish in the medium to long term. The combination of reduced circulating supply and the potential influx of new investments through the ETF could drive significant price appreciation for Ethereum.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read also</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/shiba-inus-drastic-supply-cut-sparks-hope-for-surge-to-0-01/">Shiba Inu’s Drastic Supply Cut Sparks Hope for Surge to $0.01</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-shortage-92-percent-mined-8-percent-remaining/">World Short on Bitcoin: 92% Supply Mined, 8% Remaining</a></li>
 <li><a href="https://cryptonewsland.com/ethereum-on-exchanges-reaches-5-year-low-as-supply-declines/">Ethereum on Exchanges Reaches 5-Year Low as Supply Declines</a></li>
 <li><a href="https://cryptonewsland.com/65-of-all-bitcoin-has-not-been-moved-in-over-a-year/">65% of All Bitcoin Has Not Been Moved In Over a Year</a></li>
 <li><a href="https://cryptonewsland.com/whale-moves-28-75m-in-ethereum-tokens-whats-their-next-play/">Whale Moves $28.75M in Ethereum Tokens: What’s Their Next Play?</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/ethereum-supply-on-exchanges-hits-lowest-level-since-2016-amid-spot-etf-anticipation/">Ethereum Supply on Exchanges Hits Lowest Level Since 2016 Amid Spot ETF Anticipation</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Ethereum Supply on Exchanges Hits Lowest Level Since 2016 Amid Spot ETF Anticipation

Table of Contents

Crypto News Land

Other articles published on Jun 18, 2024

Solana (SOL) Price Prediction for June 18

DOGE Price Analysis: Why is Dogecoin Crashing?

Pepe Coin Price Prediction: Bullseye On $0.00002 As PEPE Leads Meme Coin Recovery

Bitcoin’s Price Is About to Get Wild: $9 Billion Liquidation Event Possible

Dogecoin Down More Than 10% Within 24 hours

Pengguna Baru Shibarium Meroket 962 Persen dalam 24 Jam, Kabar Baik?

Join our free newsletter for daily crypto updates!