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Ethereum’s Exchange Supply Hits 10-Year Low, Key Price Levels to Watch Amid Declining ETF Flows
- Ethereum's exchange supply has hit a 10-year low, with liquidity down 37% over the past year as platforms offering Ethereum have decreased.
- The reduced availability on exchanges is attributed to the rise of DeFi and staking options, bringing the supply down to 8.97 million, the lowest in almost a decade.
- Key price levels to watch for Ethereum include a resistance level of $2,240 and a support level of $1,886.
- Ethereum's short-term price action hinges on these levels, with traders closely monitoring market sentiment around them.
- Ethereum's spot ETFs have been experiencing net outflows, indicating a potential lack of confidence from institutional investors.
- Retail investors are currently seen as more committed to holding Ethereum for the long term compared to institutional investors.
- The divergence in sentiment between retail and institutional investors suggests a level of uncertainty surrounding Ethereum's market stability.
- Factors like Ethereum's role in DeFi, market uncertainty, and negative ETF inflows are impacting Ethereum's price in the near term.
- Traders are focusing on key price levels to understand market sentiment and potential price trends for Ethereum.
- The next few days will be crucial to observe how Ethereum reacts at the $2,240 resistance and $1,886 support levels.
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