Ethereum's current trend is gradually strengthening—over the past two weeks, it has surged about 15.3%, currently solidly standing above the $1800 mark. Although investor sentiment is somewhat cautious, ETH still shows remarkable resilience. From on-chain data, the market is brewing a new bullish storm, especially with the changes in ETH supply on exchanges, which has released a rather strong signal to the market.

Exchange ETH supply has significantly declined, and selling pressure has visibly weakened.

CryptoQuant analyst Amr Taha recently pointed out in a QuickTake report that the ETH supply ratio on Binance has dropped to a multi-week low. This indicator tracks the proportion of ETH held in exchange reserves relative to the total circulating supply—in other words, with fewer goods in the exchanges, it indicates more ETH has been moved to cold wallets or the DeFi ecosystem, reducing short-term selling pressure.

This is a change worth noting: Binance, as the most influential entity in the crypto sphere, has its capital flow regarded as a market barometer. When funds 'retreat' from exchanges, it usually means that market participants intend to hold long-term or shift to other uses rather than rushing to sell.

Is history repeating itself?

Taha specifically mentioned that a similar situation occurred in April: at that time, Binance's ETH supply suddenly dropped, followed by a price surge from $1700 to $1950, marking a 14% increase in just a few days. The current scenario seems to be replaying: ETH supply is tightening again, this time accompanied by a healthy recovery in the spot market.

The 'death zone' for shorts has arrived!

Even more explosive signals are coming from the derivatives market. Data shows that in the $1900 to $2000 range, short positions have been densely accumulated—this is a typical 'bull-bear strangulation zone'. Analyst Taha believes that if ETH continues to climb into this range, it could trigger a short squeeze: a large number of short positions being liquidated, thereby amplifying the upward price momentum.

This is the legendary 'liquidity hunt'—prices are precisely hit at the pain points of shorts, triggering a wave of liquidations, and consequently pushing ETH up a notch.

A market storm is approaching; $2000 is the new battlefield.

Currently, Ethereum has entered a critical battleground, with the $1900-$2000 range becoming a must-fight zone in the market. ETH is not only receiving 'support' from on-chain capital outflows, but the dense short zone in the derivatives market also sets the stage for a fierce market explosion. Once the market triggers a chain reaction, this rally is likely to exceed market expectations.
Summary

This surge in ETH is not only driven by technical factors but also supported by on-chain data and market structure. As Binance's ETH supply continues to decrease and short positions accumulate, the market is at a potential breakout point. The $1900 to $2000 range is undoubtedly a key battlefield; once the short positions are breached, ETH's next rally may commence.

The market is waiting for the 'detonation point'; this battle between bears and bulls is bound to be extraordinarily exciting—are you ready?
#数字资产法案 #加密市场反弹 #ETH #sol #xrp