Hello Traders 🐺
Today I’ve got some good news for ETH, and I also spotted a bullish pattern forming. Plus, I’ll talk about the short-term price targets, so stick with me until the very end—and don’t forget to like for more support! 👍🔥
Alright, let’s get into it:
According to Glassnode and Santiment, only 14% of the total ETH supply is left on centralized exchanges. That’s the lowest level in nearly 10 years — but what does it mean?
Usually, this type of data hints at major volatility incoming. And guess what? The big players are the ones playing this game. Let me explain:
They keep the price artificially low, slowly exhausting retail traders and shaking them out. Meanwhile, they accumulate quietly. Once their bags are full, they remove the sell pressure, and suddenly…
🚨 Supply shock.
People start panic buying, and with so little ETH available on exchanges, the price skyrockets.
Also, ETH transaction fees have dropped to their lowest levels since mid-2020, which I see as another bullish sign for Ethereum. Now let’s look at the chart:
We have a clear falling wedge pattern on the daily timeframe, along with a potential double bottom forming.
If the price breaks above the neckline of this “W” formation—which also aligns with a strong daily resistance—I expect a strong reversal for ETH. 📈🚀
Make sure to act accordingly, and as always:
🐺 Discipline is rarely enjoyable, but almost always profitable 🐺
