The percentage of Ethereum (ETH) supply on exchanges has reached an eight-year low, signaling a decrease in selling pressure and potential accumulation by holders. Recent data shows that only around 10.19% of ETH is currently held on exchanges, the lowest percentage in about eight years.
In addition to the decrease in supply on exchanges, ETH has rebounded from its recent decline in the trading session. As of now, Ethereum is trading at around $3,540, with a 1.7% increase from the previous session. This positive price trend is supported by the analysis of its daily time frame, which shows improvement from the previous trading session.
Furthermore, the analysis of exchange flow indicates a dominance of outflows in the last few days, with more ETH leaving exchanges than coming in. This trend aligns with the reduced amount of ETH remaining on all exchanges, pointing towards a positive market sentiment for Ethereum.
Overall, the recent data on ETH supply on exchanges, price trend, and exchange flow suggests a favorable outlook for Ethereum in the near future.