Ethereum price has shown resilience, maintaining stability above the $2,700 level while experiencing a 3% increase today. This movement follows a trend of decreasing exchange-held ETH, indicating a shift in investor behavior. Market participants continue to move their assets to personal wallets, reducing sell pressure and potentially contributing to the upward price movement.
Ethereum Price Gains Amid Increased Accumulation
According to on-chain data, Ethereum price rose 3% as exchange-held supply dropped to a record low of 6.38%. This decline reflects a trend where investors are moving ETH from centralized exchanges to cold storage, signaling long-term confidence. Analysts suggest that lower exchange supply often reduces selling pressure, allowing for price stability or upward movement.
Data from market analytics firm Santiment indicates that more than 10 million wallet addresses are accumulating ETH at key price levels. Data from analytics firm Santiment also supports the bullish ou
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