Ethereum’s latest ‘fall’ – Should you remain bullish on ETH?

With an impressive start t0 2024, gaining nearly 57% year-to-date , and the prospect of a spot ETF looming, ETH might be one of the hottest entities in the crypto market currently.According to AMBCrypto’s analysis of Glassnode’s data, ETH reserves on exchanges plunged to new lows as of this writing.

The trend has continued in 2024, despite a 57% increase in ETH’s value year-to-date . If the downward trajectory continues, the supply crunch would aggravate further.Typically, such shortages help in bolstering prices in the long run, provided demand remains strong. However, with improving sentiment regarding cryptocurrencies, coupled with ETH’s own potential bullish catalysts like spot ETFs, the pursuit to grab the second-largest digital asset could only get stronger.Whales, who are known for possessing a large chunk of ETH’s supply, seem to be bullish on ETH as well.

Source: Digital Coin News (digitalcoinnews.net)

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