Ethereum supply on exchanges drops below 4.9% for the first time in history.
BTC supply is also down, indicating the predicted Bitcoin supply shock.
Both assets are set to pump parabolically soon, especially ETH price.
As altseason expectations grow stronger, ETH accumulation seems to be increasing exponentially. At the moment, both ETH and BTC supply on exchanges are rapidly dwindling. In particular, Ethereum supply on exchanges drops below 4.9% for the first time in history, while BTC supply on exchanges is down to 7.1% since November 2018. Is this a sign for the pioneer crypto and altcoin to hit new ATHs soon?
Ethereum Supply on Exchanges Drops to Lowest Low
One of the most bullish signs for cryptocurrencies is when the crypto exchange supply for that particular crypto starts to dwindle. This shows that buyers are heavily accumulating those assets and moving them to their own wallets, possibly off-chain. This shows that expectations are high for that asset to outperform soon and possibly hit new highs. Meanwhile, exchanges being flooded with the asset signify the opposite, that a crash may be imminent.
Presently, the pioneer cryptocurrency, Bitcoin (BTC), and the pioneer altcoin, Ethereum (ETH), are both showing signs of obvious dwindling supplies on crypto exchanges. This observation falls in line with the many supply shock predictions that reputed analysts and traders had made at the start of this bull cycle. Then, they encouraged traders to accumulate before the asset goes into a supply shock, before the price pumps parabolically.
https://twitter.com/Cointelegraph/status/1924676563582267643
As we can see from the post above, Ethereum’s supply on exchanges has dropped to a new record. To highlight, ETH supply on crypto exchanges has fallen to 4.9% for the first time in history. Meanwhile, Bitcoin’s exchange supply is also down by a significant amount, 7.1% to be exact. This marks BTC supply on crypto exchange to a hit a new low unseen since Novermebr 2018.
ETH Price Ready to Explode to New ATH Target?
These dwindling supply observations for both BTC and ETH bode well, as both assets are expected to pump in price to go on to hit new ATH targets. Several analysts have already highlighted a myriad of bullish indicators on both assets’ price charts. Indeed, all signs point to a bullish upturn for both assets, especially ETH, the asset that finally started pumping for this bull cycle, igniting bullish altseason expectations.
https://twitter.com/Washigorira/status/1924525487881138470
As we can see from the post above, this analyst highlights another new bullish indicator on the ETH price chart. In detail, the post talks about a rare descending broadening wedge forming on the 3-day chart for ETH. He says that this pattern often precedes explosive breakouts. Thus, he concludes that the textbook structure will lead to explosive price pumps soon.
