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Ethereum has reclaimed the $1,650 level after the most significant drop of recent weeks carried the price to approximately $1,520 — a low that tested the structural conviction of holders across every category and time horizon. The recovery is tentative but real — and CryptoQuant data has identified a development in the exchange reserve data that occurred during and immediately after the drop that changes how the current bounce should be interpreted.

Between June 4 and June 7, Ethereum exchange reserves across four major platforms declined by approximately 475,000 ETH in a synchronized move that was not isolated to any single venue. Binance reserves fell from 3.87 million ETH to 3.68 million ETH — a reduction of approximately 190,000 ETH. Bitfinex declined from 2.67 million ETH to 2.49 million ETH, shedding another 180,000 ETH over the same window. OKX recorded the sharpest percentage decline, with reserves falling from 424,000 ETH to 340,000 ETH between June 4 and June 7 — a drop of nearly 20% in three days. Gemini added to the picture, declining from 541,000 ETH to 520,000 ETH between June 5 and June 7.

Ethereum Multi Exchange Reserve | Source: CryptoQuant

Four exchanges. Four simultaneous reserve declines. A combined 475,000 ETH leaving exchange custody during the exact period that the price was testing its lowest levels. The synchronization is the signal — and what it describes about who was active at $1,520 is the most important analytical question the CryptoQuant data raises.

475000 ETH Left Four Exchanges in Three Days

The CryptoQuant analysis identifies synchronization as the element that elevates individual exchange declines into a market structure signal. A single exchange reducing reserves during a price drop can reflect routine portfolio management, custody migration, or any number of operational decisions specific to that venue. Four exchanges declining simultaneously — Binance, OKX, Bitfinex, and Gemini — across the same three-day window while Ethereum was testing its lowest levels points toward something more deliberate and more directional.

The combined 475,000 ETH reduction tightens the available liquidity on centralized platforms at precisely the moment the price was creating the conditions that historically attract accumulation. Whether the withdrawals reflect coordinated institutional positioning, individual large holders independently reaching the same conclusion about the $1,520 level, or a combination of both, the aggregate effect on exchange supply is identical — less ETH immediately available for sale on the venues where most spot trading occurs.

June 7 emerges from the analysis as a key structural date. The reserve declines concentrated around that window create a before-and-after reference point for tracking whether the tightening continues or reverses as Ethereum attempts to hold the $1,650 recovery.

The honest framing the analysis preserves matters. This is not an automatic bullish signal — reserve declines require strengthening demand to convert supply tightness into price appreciation. If ETH reserves continue falling while spot demand improves, Ethereum enters a thinner exchange liquidity environment where the same buying pressure produces larger price responses than it would against a fully stocked order book. That combination has not yet been confirmed. But the structural foundation for it was quietly assembled between June 4 and June 7.

Ethereum Attempts Recovery After Historic Support Breakdown

Ethereum is attempting to stabilize above $1,650 after suffering one of its sharpest declines of the year. The daily chart shows ETH rebounding from a local low near $1,520, but the broader technical structure remains decisively bearish. Most importantly, Ethereum has now broken below the February support zone around $1,800–$1,900, a level that acted as a major floor throughout the last four months.

Ethereum consolidates below $1,700 level | Source: ETHUSDT chart on TradingView

The significance of this breakdown cannot be overstated. The February low marked the capitulation event that established the base for the subsequent recovery toward $2,400. By falling below that level, ETH has invalidated a key support structure and entered price territory not seen since the first quarter of the year.

Volume surged aggressively during the selloff, confirming strong participation from sellers rather than a low-liquidity decline. However, the current bounce is occurring alongside a noticeable reduction in selling volume, suggesting that the most intense phase of the liquidation may be easing for now.

From a trend perspective, ETH remains below the 50-day, 100-day, and 200-day moving averages, all of which continue to slope downward. The first major resistance sits near $1,800, followed by the former support zone around $1,900. Until those levels are reclaimed, the recovery remains a relief rally within a larger downtrend.

Featured image from ChatGPT, chart from TradingView.com

Gift Nifty 50 index futures tumbled 1.7% to 23,580, suggesting a gap-down start when trading resumes on Friday, after fresh U.S. strikes on an Iranian military site overnight heightened geopolitical tensions, even as Washington and Tehran continued talks aimed at ending their three-month conflict.

In response, Iran’s Revolutionary Guards said that they struck a US airbase at around 4:50 a.m. local time, according to the country’s semi-official Tasnim news agency, though the IRGC did not disclose the location of the base.

US officials said Central Command forces shot down four Iranian one-way attack drones that posed a threat near the Strait of Hormuz. The US military also struck an Iranian ground control station in Bandar Abbas that was preparing to launch a fifth drone.

The latest escalation comes days after the US military carried out what it described as “self-defense strikes” in southern Iran, targeting vessels allegedly attempting to deploy mines along with missile launch sites. US Central Command said the operation was aimed at protecting American troops and commercial shipping routes.

Following the development, oil prices extended gains to trade over 3% higher. Brent crude, the global benchmark, surged more than 3% to $97.29 a barrel, while US West Texas Intermediate (WTI) crude jumped 3.42% to $91.71 a barrel.

In a note released late Wednesday, Citi said oil markets were stabilising as investors gradually moved away from pricing in severe supply disruption risks amid signs of progress in negotiations between Washington and Tehran.

Citi added that the sustained rise in crude prices was beginning to feed into broader inflation pressures through what it described as “second round effects”, pushing some central banks toward a more hawkish stance.On Wednesday, Indian stock market closed in the red, with benchmark indices Sensex and Nifty falling up to 0.2% as Iran-US tensions simmered and rupee declined. Broader markets however showed resilience, ending the session in the green.

Sensex declined 142 points to close at 75,868 while Nifty 50 fell 7 points to end the session at 23,907. This came even as India VIX, which measures volatility in markets fell 6% to 15.24.

The Indian stock market remained shut on May 28 as both the National Stock Exchange of India and BSE Limited observed a trading holiday on account of Bakri Id. Earlier this month, exchanges were also closed on May 1 for Maharashtra Day.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Mumbai: Market regulator Sebi on Friday said market price data of listed companies can now be shared and used for investor education and awareness activities only with a 30-day lag.

The move is aimed at preventing misuse of stock exchange data and keeping the educational content relevant. The new rule will come into effect from July 1, 2026.

The regulator has given a special exemption to the National Institute of Securities Markets.

Ethereum is pushing against resistance just below $2,400, trying to extend a recovery that has brought it back from the lows near $1,750 set during February’s sharp capitulation. The market remains uncertain, and every attempt at higher levels has been met with selling pressure that reflects the broader caution defining crypto right now. But a CryptoOnchain report has surfaced a supply-side data point that reframes the current price level in a way that is worth sitting with.

Ethereum reserves on Binance have fallen to approximately 3.31 million ETH — their lowest point since early 2021. That number alone carries weight, but what makes it genuinely striking is the comparison it invites. The last time Binance held this little ETH in reserve, Ethereum was trading at around $590. The asset has since risen nearly fourfold from that baseline. The supply available to sell on one of the world’s largest exchanges has not recovered to match that price appreciation — it has kept falling.

What that means in structural terms is that the market is attempting to push above $2,400 with a dramatically thinner sell-side cushion than has existed at any comparable price level in years. The resistance is real. But the supply available to sustain it may be less abundant than the chart suggests.

57% Less ETH to Sell — and Holders Are Not Coming Back

The trend behind the current reserve level is as significant as the number itself. Ethereum reserves on Binance have not simply dipped — they have been in sustained, continuous decline, falling from approximately 7.7 million ETH at their peak to the current 3.31 million.

That is not rotation or temporary withdrawal. It is a structural migration of assets away from liquid trading venues and into cold storage, DeFi smart contracts, and staking platforms — destinations where ETH is committed rather than available.

In on-chain analysis, that kind of persistent exchange outflow is one of the clearest signals of long-term holder conviction. When investors move assets off exchanges, they are making an active decision to remove them from the pool of immediately sellable supply. They are not watching for an exit. They are positioning for what comes next.

What makes the current situation particularly striking is the price context. In 2021, when reserves were last at this level, Ethereum was worth around $590. Today it is trading near $2,400 — and yet holders are keeping even less on exchanges than they did then. That behavior at a dramatically higher price reflects a market that has matured, with participants who understand the asset well enough to hold through volatility rather than sell into it.

If new demand enters this market — driven by macro tailwinds, institutional adoption, or network developments — it will meet a sell side that has never been thinner relative to current price levels. That is the setup the reserve data is describing.

Ethereum is testing resistance as the market finds some relief. The price is at a decision point. And a CryptoQuant analyst has identified a supply structure beneath that resistance that has no precedent in the current cycle — and a clear one in the cycle that preceded it.

The analyst’s data reveals a 57% collapse in Ethereum’s exchange supply: reserves have fallen from approximately 35 million ETH to 14.9 million ETH — a reduction that leaves significantly less ETH available for immediate sale than at any comparable point during the 2020-2021 period. The coins have not disappeared. They have moved into the custody of holders who are not sending them to exchanges to sell.

The inflow data confirms the behavioral picture. Exchange inflows have increased recently — but the scale remains dramatically below the peaks of the 2021-2022 cycle top, when inflows approached the 10 to 20 million ETH range. The current clusters are a fraction of those peaks. Large-scale distribution — the kind that characterized the previous cycle’s top — is not present in the data.

Ethereum testing resistance with 57% less sellable supply than its previous cycle peak, and without the distribution behavior that accompanied that peak, is a structurally different test. The overhead exists. The ammunition to sustain it is historically thin.

Two Signals. One Conclusion

The analyst’s framework rests on the relationship between two independent data points that are currently moving in a configuration that has historically mattered. The first is what has happened to exchange reserves: a 57% collapse that has removed the majority of ETH’s immediately available sell-side supply from the market.

The second is what has not happened to exchange inflows: the extreme deposit spikes — 10 to 20 million ETH ranges — that characterized the 2021-2022 distribution phase have not returned. Holders are not flooding exchanges with ETH to take profit or cut losses at scale.

That combination — supply depleted, distribution absent — describes a market where the structural pressure for downside has been significantly reduced without the structural signal of panic that typically accompanies cycle bottoms at their most acute. The market is not experiencing forced selling at a scale that matches previous major lows. It is experiencing quiet.

The price context adds the final dimension. Ethereum is currently moving near the lows of previous correction ranges — the price levels that, in prior cycles, represented the zone where the risk-reward balance shifted in favor of patient capital rather than continued selling.

The analyst names this carefully: a constructive signal under current conditions. Not a confirmation. Not a guarantee. A structural alignment between depleted supply, absent distribution pressure, and historically significant price levels that, taken together, describes a market where the conditions for recovery are present even if the catalyst has not yet arrived.

Ethereum continues to face sustained selling pressure as broader crypto market sentiment shifts toward caution and, in some segments, outright panic. Price action has struggled to regain stability in recent weeks, with repeated rebound attempts failing to produce sustained upside momentum. Elevated volatility, tightening liquidity conditions, and persistent macro uncertainty have reinforced a defensive posture among both retail and institutional participants, leaving Ethereum vulnerable to further short-term weakness.

A recent CryptoQuant report provides additional context through on-chain activity. According to the data, the ETH Binance User Deposit Address metric has recorded a sharp increase. The number of unique addresses depositing Ethereum to Binance has surged from roughly 360,000 to more than 450,000, representing the highest level observed since August 2025. Metrics tracking deposit addresses often serve as a proxy for potential sell-side intent, since assets transferred to exchanges are typically more accessible for liquidation, collateral usage, or portfolio rebalancing.

However, such spikes do not automatically translate into immediate selling. In some cases, they reflect positioning adjustments, hedging activity, or preparation for derivatives trading. Even so, the scale of the recent increase suggests heightened market anxiety and warrants close monitoring as Ethereum navigates an increasingly fragile market environment.

Exchange Deposits Surge As Price Correction Deepens

The report highlights that this metric breakout has occurred alongside a severe price correction. Ethereum has declined sharply from its October peak near $4,900 to roughly the $1,900 region. The simultaneous drop in price and surge in exchange deposit addresses suggests two primary on-chain interpretations that merit careful consideration.

The first scenario points to retail capitulation. A rapid increase in unique depositing addresses often reflects panic behavior among smaller investors. Participants who held through earlier stages of the decline may now be transferring assets to exchanges to exit positions, reinforcing short-term sell-side pressure.

The second interpretation relates to derivatives market positioning. With ETH trading below the $2,000 threshold, some deposits likely represent collateral replenishment. Traders facing liquidation risk may be adding margin to maintain leveraged long positions rather than outright selling their holdings.

In the near term, increased deposits elevate potential supply on exchanges, which can intensify volatility if selling materializes. However, historically, extreme spikes in deposit activity have frequently appeared during late-stage corrective phases. Such conditions sometimes precede seller exhaustion.

Monitoring exchange outflows, spot volume absorption, and derivatives positioning will be critical to determine whether this activity signals continued downside risk or the early formation of a local market bottom.

Ethereum Tests Structural Support As Downtrend Persists

Ethereum continues to trade under sustained pressure, with the weekly chart showing a clear loss of bullish momentum following the rejection near the $4,800–$5,000 region. Price has now retraced toward the $1,900 area, a zone that previously acted as consolidation support during earlier cycle phases. The inability to hold above the mid-cycle moving averages suggests that sellers still maintain structural control.

The 50-week moving average has rolled over and now acts as overhead resistance, while the 100-week average appears to be flattening. Meanwhile, price is approaching the longer-term 200-week moving average, a level historically associated with major cyclical support. A decisive breakdown below this region could expose deeper downside, whereas stabilization here may encourage medium-term accumulation.

Volume patterns indicate intermittent spikes during declines, which typically reflect distribution rather than sustained buying interest. This reinforces the interpretation of a defensive market phase rather than a confirmed recovery trend.

Despite the weakness, volatility compression near long-term averages sometimes precedes transitional periods. Confirmation, however, would require sustained closes above reclaimable resistance levels and improving participation metrics. Until then, Ethereum remains in a fragile technical posture with risk skewed toward continued consolidation or downside drift rather than immediate bullish continuation.

Featured image from ChatGPT, chart from TradingView.com 

The price of Bitcoin has been stuck in a consolidation range below $70,000 so far this week, after spending most of the previous weekend above it. While the flagship cryptocurrency’s price movement has been largely — and painfully — sideways in recent weeks, this represents a notable improvement from how the month of February started.

The new month ushered in a fresh low just above the $61,000 level for Bitcoin, confirming the start of the bear market. Amidst the relative stability in recent weeks, a recent on-chain evaluation suggests that BTC and the broader cryptocurrency mark is still at risk of further downside volatility.

BTC’s Future In The Hands Of Large Investors: CryptoQuant

In the last bull cycle, the price action of Bitcoin was heavily influenced and impacted by the increased influx and activity of institutional investors (primarily through the spot exchange-traded funds). Similarly, it appears that the large investor cohort will still be at the wheel even during the bear market.

According to CryptoQuant’s latest market report, the Bitcoin exchange inflows — and the immediate selling pressure — have normalized since the capitulation spike in early February. This trend can be seen in the decline in exchange inflows from around 60,000 BTC at the start of the month to around 23,000 BTC now.

While the acute sell-off phase appears to be easing off, a troubling trend seems to be brewing among Bitcoin’s largest investors. In its market report, CryptoQuant highlighted that the BTC exchange whale ratio has climbed to 0.64, its highest level since 2015, suggesting that whale inflows account for a significant portion of the exchange deposits being seen.

Source: CryptoQuant

Meanwhile, the average BTC deposit size has also reached a level not seen since mid-2022, during the heat of the last bear market. This trend further reinforces the idea that institutional or large investors are behind the increasing exchange supply.

CryptoQuant noted that the altcoin market is still facing elevated distribution pressure, with the average daily number of altcoin exchange deposits rising from 40,000 in Q4 2025 to 49,000 in 2026. This continuous capital rotation out of riskier assets reflects weakened market confidence and increases the risk of downside volatility.

Source: CryptoQuant

Meanwhile, the ongoing flow of stablecoins out of exchanges points to a decline in marginal buying power (or “dry powder”) in the Bitcoin market. According to CryptoQuant data, net USDT flows into exchanges have fallen sharply from a one-year high of $616M in November 2025 to only $27M, turning negative at times (-$469M in late January).

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin stands at around $67,580, reflecting a mild 1% increase in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView