Ethereum is approaching a level where structure is more important than price. And the structure is currently working in favor of an upward breakout.
In the spot market, ETH is experiencing what has almost always preceded strong movements: exchanges are losing liquidity.
The Exchange Supply Ratio on Binance is hitting new lows — the purple line on the chart is falling again, and this is not a coincidence.
Coins are going into cold storage, OTC, staking, and long-term wallets — and this is done by major players, not retail.
When the supply on the exchange tightens, the market becomes fragile.
Not a huge demand is needed — just minimal buying pressure is enough for the price to start moving.
And right now, this is exactly the picture being formed:
— supply is falling,
— price is being held,
— divergence is increasing.
This is a classic accumulation structure, where the market looks 'quiet', but liquidity underneath is disappearing.
The price is not showing aggression yet — but the spot is becoming thin, and any change in sentiment turns into a movement that triggers orders layer by layer.
Why this is important for 2026:
ETH is entering a phase where its fundamental role is strengthening: network updates, growth of L2, RWA, ETF, and institutional scenarios.
When this demand meets empty order books — the movement becomes sharp and disproportionate to the volume of purchases.
A reduction in supply on exchanges is not 'bullish noise'.
This is the signal that has repeatedly appeared before strong rising phases.
And if the macro stabilizes even a little, ETH has every chance to become one of the first assets to start a new impulse.
The market is not yet ready to grow — but the underlying foundation for a breakout is already lying beneath the surface.
$ETH
