Ethereum holds key support levels as exchange reserves drop to 14.92 million ETH, though technical resistance and upgrade delays temper the bullish outlook.
Ethereum reclaimed $2,600 after trendline support held, with exchange reserves at yearly lows and MVRV turning positive, though resistance and delayed upgrade cap upside.
Ethereum has surged 6.43% to $2,603, buoyed by resilient trendline support and a significant reduction in exchange-held supply. While the MVRV ratio signals a return to profitability for holders, the asset faces technical resistance near $2,667 and uncertainty regarding the delayed Glamsterdam upgrade.
Ethereum is supported by strong trendline demand and a shrinking supply of coins available on exchanges, despite significant outflows from spot ETFs.