Despite the recent price struggle, Ethereum (ETH) appears to be significantly lower at this point in time for sales pressure.
Ethereum has been the subject of ongoing jokes among Crypto in recent years as it has performed its contemporaries so badly. That price struggle has only been expanded with the crypto market passing rough patches over the past two months.
Bitcoin has grown by 25% over the past year, while XRP has risen by nearly 300%, while ETH is above 40%. But for assets it may not be all fate and darkness.
Is there almost no Ethereum sales pressure?
Despite the recent price struggle, Ethereum appears to be experiencing very low sales pressures at this point.
Specifically, according to the Crypto Analytics Provider, the exchange’s Ethereum supply is at a 10-year low Santiment Feed.
in X post Thursday, March 20th, single It revealed that only ETH 8.97 million, the lowest exchange since November 2015, was on the centralized exchange, following a 16.4% decline in the past seven weeks.
Source supply of Ethereum for exchanges at lowest points since November 2015
This drop in Ethereum exchange supply is considered significantly bullish, as it suggests that only 7.4% of the ETH supply of nearly 121 million people is on sale.
Why does the ETH exchange supply decrease?
single It should be noted that the recent decline in Ethereum supply on the exchange was the result of holders engaged in debt and staking activities. Amidst the decline in market prices, these strategies help holders mitigate some losses through yield opportunities.
At the time of writing, ETH is trading at $1,971.66, down 2% on the day as macroeconomic concerns continue to conquer the risk market.
Until these conditions are resolved and demand for risky assets grows, ETH is unlikely to feel the impact of a shortage of exchange supply.
