Ethereum has been moving sideways between $2,400 and $2,700 for several days â but what's happening behind the scenes on Binance tells a deeper story.
đ§ 1. Exchange Reserves Are Rising
Binanceâs Ethereum reserves have increased from 3.779M to 4.216M ETH since December. This indicates that large holders are sending ETH to the exchange â likely preparing to sell. Assets held on exchanges are typically âready to trade,â and this rise suggests growing sell-side intent.
đ´ 2. Netflows Confirm the Shift
Over the past three days alone, Binance received 110K + 116K + 120K ETH, even as price attempted to break higher. This pattern shows that sellers used the rally as an exit opportunity. The price was quickly pushed back into the range, further validating this behavior.
đ 3. Exchange Supply Ratio Supports This View
This metric â which tracks how much of ETH's total supply sits on Binance â also climbed during the latest rally. More ETH is concentrated on the exchange, aligning with sell-side activity.
âď¸ 4. Taker Buy/Sell Ratio Adds Context
While the price surged, the taker buy/sell ratio spiked â signaling aggressive buyers. But instead of fueling further gains, this buying interest offered liquidity for large-scale sell orders. The market absorbed the demand and reversed.
đ§ Summary:
Binance data shows a clear pattern:
Exchange reserves are rising đ
Netflows show heavy ETH deposits đ¸
More supply is sitting on the exchange đŚ
Buyer aggression is being met with sell pressure âď¸
This paints a picture of a market preparing for downside. If the $2,400 support fails to hold, further downside is possible. However, a strong reaction at that level could reignite momentum and break the range to the upside.
Written by BorisVest
