$ETH Exchange balance has dropped to 14 million coins, supply is tightening but price is still grinding – this divergence isn't normal.
ETH exchange balance has fallen to 14 million coins, hitting a multi-year low. Coins flowing out of exchanges means holders are withdrawing instead of prepping to sell. The supply side has been tightening, but the price hasn't kept up.
Shadow Interpretation: The ongoing decline in exchange balances indicates that whales are hoarding coins instead of getting ready to dump. With price stagnating and balance hitting new lows, this divergence is unusual. The diminishing float means that once demand returns, the price elasticity will be significant. At this position, being short is riskier than being long. But don't rush in; wait for confirmation above $1,669 before making a move.
💬 Exchange balances keep dropping but the price just won’t budge. Are you trusting the supply side signals or waiting for the demand side to kick in first? Let’s chat in the comments.
#ETH #Shadow Shaman
ETH exchange balance has fallen to 14 million coins, hitting a multi-year low. Coins flowing out of exchanges means holders are withdrawing instead of prepping to sell. The supply side has been tightening, but the price hasn't kept up.
Shadow Interpretation: The ongoing decline in exchange balances indicates that whales are hoarding coins instead of getting ready to dump. With price stagnating and balance hitting new lows, this divergence is unusual. The diminishing float means that once demand returns, the price elasticity will be significant. At this position, being short is riskier than being long. But don't rush in; wait for confirmation above $1,669 before making a move.
💬 Exchange balances keep dropping but the price just won’t budge. Are you trusting the supply side signals or waiting for the demand side to kick in first? Let’s chat in the comments.
#ETH #Shadow Shaman