Ethereum (ETH) reserves have experienced a substantial increase across 3 major exchanges, with the second-largest cryptocurrency by market cap seeing a spike of 365,000 coins between May 26 and June 5.
Ethereum reserves skyrocket on Binance, OKX, Bybit
According to fresh on-chain data obtained on Friday, the sharpest exchange reserve spike was seen on OKX, where ETH reserves jumped from 160,000 to 427,000 – representing an increase of more than 167 percent in less than 2 weeks.
Crypto exchange Bybit saw a relatively smaller, yet noticeable increase. ETH reserves on the platform increased from 349,000 to 367,000 – an addition of 18,000 coins within the same period.
On the other hand, Binance, the largest exchange among the 3 by reported trading volume saw its ETH reserve catapult from 3.80 million to 3.88 million, indicating an increase of 80,000 coins.
The synchronized increase in exchange reserves shows that more ETH is becoming available on centralized platforms – indicating higher seller-side liquidity which could, in turn, increase the market’s sensitivity to spot selling pressure if demand does not absorb the excessive supply.
Is ETH bottom in? Analysts weigh in
Meanwhile, Ethereum price is showing one of its weakest price performances since its launch back in 2015. The cryptocurrency has fallen 21.2 percent over the past week, trading at $1,583 at press time.
Crypto analyst Ted Pillows commented on ETH’s recent disappointing price action. In an X post on Friday, Pillows shared the following Ethereum chart, saying that ETH’s next target is likely around $1,500, where “smart money could start accumulating.”
Seasoned crypto trade Michael van de Poppe shared the following ETH daily chart, adding that the cryptocurrency has hit its lowest relative strength index (RSI) value ever. He concluded by adding that Ethereum is very close to the “end of the bear market.”
Similarly, crypto analyst Oz predicted that ETH has likely bottomed for this cycle, and a reclaim of $1,743 would confirm their thesis.
Some analysts are more bearish, forecasting that ETH is on its way to a deep correction all the way down to $1,075. The cryptocurrency is also seeing a divisive stance from different investor profiles, with institutions offloading it while retail continues to double down.
