Summary:
On-chain data and ETH price charts suggest a possible rally to $3,000 if buyers can push above resistance between $1,900 and $2,000.
Exchange balances for ETH have reached an all-time low of 12.6%, indicating reduced supply and a bullish sign.
ETH’s supply locked in staking contracts has surged significantly since April’s Shapella upgrade, with over 23 million ETH deposited in staking contracts, representing 19.1% of its total supply.
Key Points:
– ETH’s exchange balances have reached an all-time low of 12.6%, indicating reduced supply and a bullish sign.
– The netflow volume of deposits and withdrawals from exchanges shows a steep surge in withdrawals at the start of June amid a regulatory crackdown on Binance and Coinbase.
– ETH’s supply locked in staking contracts has surged significantly since April’s Shapella upgrade, with over 23 million ETH deposited in staking contracts, representing 19.1% of its total supply.
– ETH’s price broke above the 50-day moving average at $1,823.09, staging a bullish breakout.
– The ETH/USD pair is currently facing resistance around the horizontal level of $1,906, with the $1,900-$2,000 level acting as technical and psychological resistance levels.
– A breakout above $2,000 could quickly propel ETH toward the 2022 breakdown levels of around $3,000.
– The funding rate for the ETH perpetual swap contract surged toward monthly highs, acting as a cautionary flag for late buyers.
– On-chain movements and market indicators give the upside a higher chance over a short- to medium-term bearish trend.
