$ETH On-Chain Snapshot
Right now, there is very little ETH available on exchanges, which means fewer coins are ready to be sold. This usually reduces selling pressure.
Recent ETH inflows to exchanges are small, showing that people are not rushing to sell. There is no panic in the market.
Some whales have moved large amounts of ETH, but they are not dumping their coins. These look like isolated transfers, not mass selling.
A big part of ETH supply is locked in staking, which means those coins are not available for trading. This further reduces selling pressure.
#etherium ETH also burns supply during high network activity, which can make ETH deflationary at times.