Ethereum reserves on Binance decreased by 300K ETH, reducing centralized selling pressure and increasing bullish expectations.
81% of holders are profitable, with significant wallet clusters near $2,665, increasing the likelihood of profit-taking or a breakout.
Ethereum reserves [ETH] on Binance have sharply decreased from 4.1 million ETH to 3.9 million ETH since mid-April.
This decrease of 300,000 ETH signals an increased confidence among investors in long-term holding and decentralized protocols.
Source: CryptoQuant
As a result, centralized selling pressure continues to weaken. At the time of writing, ETH is trading at $2,605.85, up 2.77% in 24 hours.
With fewer coins available for immediate sale, the market expects bulls to gain control. This move could support a bullish trend, especially if withdrawals continue.
Total ETH reserves on exchanges reached $18.9 million, down 0.78% in a day. Although slightly down, this still reflects investor caution.
Many prefer to hold ETH outside of centralized platforms. This aligns with the broad accumulation trend among large wallets. The decrease in reserves indicates a drop in selling demand.
Source: CryptoQuant
Can ETH break through the $2,665 mark?
The liquidation map shows dense liquidation areas from $2,600 to $2,665, forming a strong resistance cluster. This area may create volatility as leveraged positions are challenged.
However, Ethereum's solid upward momentum towards these areas indicates growing confidence among buyers. If ETH surpasses the $2,665 mark, short liquidations could push the price even higher.
However, traders need to watch closely—prices may pause or accumulate before continuing to rise.
Source: CoinGlass
Ethereum gas usage has dropped to 14.09 billion, marking a significant decrease from previous highs. This decline may reflect improved fee efficiency or a temporary drop in large-scale activity.
However, this does not reflect weakness in the fundamentals. Lower gas costs often facilitate greater user participation on DeFi and NFT platforms. Therefore, this decrease may support broader network engagement rather than diminish it.
Factors supporting ETH's strength
At the time of writing, Ethereum recorded 555,880 daily active addresses and 1.42 million transactions.
These metrics indicate strong user engagement despite changes in fee dynamics. Therefore, Ethereum's utility remains intact.
Continuous activity reflects confidence in the network's capabilities across various use cases. This user-driven strength, along with reduced trading reserves, provides structural support for bullishness.
Source: Santiment
Additionally, 81.07% of holders are profitable. The largest concentration is in the range of $2,460 to $2,665—where ETH faces resistance.
However, ETH remains above key support levels, and on-chain signals are still positive. If the price surpasses $2,665 with volume, short positions could be reversed.
This could trigger a significant surge. Thus, traders need to closely monitor this area. A confirmed breakout could mark the beginning of Ethereum's next bullish phase.
Is a breakout imminent?
The foundation of Ethereum remains strong, supported by decreasing reserves, increasing user activity, and high profitability of holders.
Resistance around $2,665 remains a key barrier. However, if bulls convincingly push through this level, a breakout could occur. On-chain data supports continued upward movement, but momentum must be maintained. Traders should closely monitor this critical area.
A successful breakout could confirm the start of Ethereum's next bullish phase.
Source: https://tintucbitcoin.com/binance-mat-300k-eth-co-hoi-lon-cho-phe-bo/
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