{"id":417978,"date":"2024-08-26T17:30:42","date_gmt":"2024-08-26T12:00:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=417978"},"modified":"2024-08-26T23:10:57","modified_gmt":"2024-08-26T17:40:57","slug":"ethereum-exchange-reserves-hit-record-lows-good-news-for-eth","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-exchange-reserves-hit-record-lows-good-news-for-eth\/","title":{"rendered":"Ethereum exchange reserves hit record lows &#8211; Good news for ETH?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Ethereum has failed to hold levels above $2,800, with the recent uptrend showing signs of weakening.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Despite the exchange-supply ratio at record lows, ETH price continues to struggle.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/ethereum-struggles-at-key-resistance-neutral-rsi-keeps-traders-on-edge\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum [ETH]<\/a><\/span><\/a><span style=\"font-weight: 400;\">\u00a0jumped to a multi-week high above $2,800 on the 24th of August as the broader cryptocurrency market rallied. ETH has since lost some of these gains, dropping slightly by 0.6% in the last 24 hours to trade at $2,742 at the time of writing.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/x.com\/whale_alert\/status\/1827934918229266675\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Whale Alert<\/span><\/a><span style=\"font-weight: 400;\"> showed that some large ETH holders might be looking to cash in profits after one whale recently moved $34 million worth of ETH to Coinbase.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the recent uptrend showing signs of weakening, where is ETH headed next?\u00a0<\/span><\/p>\n<h2><strong>Bearish signals emerge<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Ethereum trading volumes had dropped by 18% at press time per <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap <\/span><\/a><span style=\"font-weight: 400;\">data. The declining volumes coincide with the slight drop in price as fewer buyers support the uptrend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Relative Strength Index (RSI) at 42 shows sellers have entered the market. The RSI line has also been forming lower lows on the hourly chart, further showing a weakening uptrend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the RSI line crossing below the signal line, it confirms a prevailing bearish momentum.<\/span><\/p>\n<figure id=\"attachment_417979\" aria-describedby=\"caption-attachment-417979\" style=\"width: 1721px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22.png\"><img decoding=\"async\" class=\"wp-image-417979 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22.png\" alt=\"\" width=\"1721\" height=\"802\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22.png 1721w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22-1024x477.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22-768x358.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22-1536x716.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-26_10-26-22-1200x559.png 1200w\" sizes=\"(max-width: 1721px) 100vw, 1721px\" \/><\/a><figcaption id=\"caption-attachment-417979\" class=\"wp-caption-text\">Source: Tradingview<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Directional Movement Indicators (DMI) also show bears are in control. The +DI (blue) is below the -DI (orange), indicating a bearish trend. However, with the Average Directional Index (red) at 14, it shows that the bearish trend is weak.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the bearish momentum persists, ETH will likely drop lower to test the 0% Fibonacci level ($2,718). Failing to hold this price could pave the way for further drops.\u00a0<\/span><\/p>\n<h2><strong>Exchange reserves continue to drop\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/eth\/chart\/exchange-flows\/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, Ethereum exchange reserves have dropped to record lows after spiking on 5th August as prices crashed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Low exchange reserves suggest that few investors are holding ETH on exchanges, reducing the short-term selling pressure and the likelihood of ETH registering drastic price drops.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Ethereum exchange supply ratio has also dropped sharply this month showing that traders are less inclined to sell at current prices.<\/span><\/p>\n<figure id=\"attachment_417980\" aria-describedby=\"caption-attachment-417980\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges.png\"><img decoding=\"async\" class=\"wp-image-417980 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges.png\" alt=\"\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-2048x1152.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-Exchange-Supply-Ratio-All-Exchanges-1200x675.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-417980\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Increased investor interest in ETH can further be seen in the rising open interest. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum (ETH) Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">After falling below $10 billion in early August, Ethereum&#8217;s open interest has since increased to more than $11.5 billion at the time of writing per <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Coinglass <\/span><\/a><span style=\"font-weight: 400;\">data.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with the long\/short ratio at 0.92, more traders have opened short positions on ETH anticipating a price drop.\u00a0<\/span><\/p>\n<figure id=\"attachment_417982\" aria-describedby=\"caption-attachment-417982\" style=\"width: 1809px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio.png\"><img decoding=\"async\" class=\"wp-image-417982 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio.png\" alt=\"\" width=\"1809\" height=\"529\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio.png 1809w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio-300x88.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio-1024x299.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio-768x225.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio-1536x449.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETH-long-short-ratio-1200x351.png 1200w\" sizes=\"(max-width: 1809px) 100vw, 1809px\" \/><\/a><figcaption id=\"caption-attachment-417982\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum exchange supply ratio has dropped sharply this month showing that traders are less inclined to sell at current prices.<\/p>\n","protected":false},"author":99,"featured_media":418017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427,6425],"class_list":["post-417978","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum exchange reserves hit record lows - Good news for ETH? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"ETH&#039;s recent uptrend that saw prices surpass $2,800 has weakened despite Ethereum 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