Ethereum Exchange Balance Hits Record Low, Signaling Potential Price Explosion
Ethereum (ETH) has endured a turbulent August, with its price falling by approximately 23% over the past month. The situation reached a low point on August 5 when ETH dropped below $2,200, sparking panic among retail investors before its price rebounded.
As of Tuesday, August 20, Ethereum’s exchange balance has reached a historic low, falling below 10% for the first time ever, surpassing Bitcoin. Currently, exchanges hold 18.78 million ETH, worth approximately $50 billion, down from 21.37 million ETH on the same.
Meanwhile, analyst Scient identified a crucial support and resistance zone between $2,900 and $3,000. He anticipates a bearish retest in this range but suggests that a breakout above $3,000 could push Ethereum toward $3,300 to $3,400, signaling a potential bullish trend. Conversely, he cautioned that failure to hold this support could lead to further declines.