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The price of Ethereum is wavering, but some fundamental signals indicate a bullish reversal. The supply of ETH on cryptocurrency exchanges has indeed reached an unprecedented level. According to crypto experts, this could change everything. On March 20, the analysis platform Santiment revealed a key figure: the supply of Ether available on crypto exchanges has fallen to 8.97 million ETH. This is the lowest level recorded since November 2015. Specifically, this represents a drop of 16.4% compared to the end of January balances. This massive movement reveals a long-term accumulation strategy by crypto investors. They could be betting on the resilience of the Ethereum blockchain network. Referred to as “supply shock”, this phenomenon describes a situation where the scarcity of a digital asset creates upward pressure if demand remains steady. According to Santiment, Ethereum holders are even withdrawing their tokens from crypto exchanges faster than ever. A similar configuration preceded a surge in the bitcoin price in early 2024. Over the last 30 days, Ethereum has lost 26% of its value. This crypto asset is now trading around $1,971. What’s worse! According to data from Farside, ETH ETFs have recorded 12 consecutive days of outflows. This represents a total of $370.6 million. This trend reflects a temporary loss of confidence among some institutional investors. On the side of traders and crypto whales, the tone is quite different. According to some analysts, buyers will soon be in competition, leading to bidding wars. Others go further by estimating that the value of Ethereum could reach between $8,000 and $10,000. This represents a 64% increase compared to its ATH of 2021. However, not everyone shares this optimism. Daan Crypto Trades points out, for example, that ETH is at its lowest against BTC in five years. According to him, a return to highs seems unlikely in the short term. Between accumulation, potential supply shock, and declining liquidity, Ethereum could very well surprise to the upside. The market remains, however, volatile. Thus, caution is advised for any crypto investor, especially in light of the collapse of on-chain activity threatening Ethereum .

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Ethereum (ETH) , the second-largest cryptocurrency by market capitalization, has been a key player in the crypto market, driving innovation in decentralized finance (DeFi), smart contracts, and blockchain applications. However, after reaching an all-time high of $4,878 in November 2021, ETH has struggled to reclaim those heights, facing multiple price corrections. Currently trading around $1,967, ETH price has been in a prolonged downtrend, raising concerns among investors. With the crypto market showing signs of recovery and institutional interest growing, the question remains: Can Ethereum break out of its bearish trend and rally to an ambitious target of $7,000? To answer this, we will analyze ETH’s price action, key resistance and support levels, technical indicators like RSI and MACD, and the fundamental catalysts that could drive Ethereum to new highs. Let’s dive into the charts and explore whether ETH has the potential to make a parabolic move toward $7,000. Ethereum’s price has been under pressure , struggling below key resistance levels. The daily chart shows a continued downtrend, with ETH currently hovering around $1,967 after failing to hold higher support zones. A critical question arises—can Ethereum overcome this bearish momentum and reach the ambitious $7,000 target? From a technical perspective, the market structure reflects a bearish sentiment, but a potential reversal pattern may be forming. The Relative Strength Index (RSI) is near oversold levels, and the MACD is showing early signs of bullish divergence. These indicators suggest that Ethereum might be nearing a short-term bottom, which could set the stage for a recovery. Ethereum faces strong resistance at $2,100 , where past price action has seen multiple rejections. If ETH price successfully breaks this level, the next targets would be $2,500 and $3,000. However, failure to do so could lead to a retest of support around $1,800. A key bullish signal would be ETH reclaiming $2,500 as support, as this could provide the momentum needed for a long-term uptrend. On the downside, if Ethereum loses the $1,800 support, we could see further bearish movement toward $1,500 before any potential recovery. The RSI (14) is currently at 35.79, which is very close to the oversold territory (below 30). This indicates that selling pressure might be nearing exhaustion, and a relief rally could be on the horizon. If the RSI moves above 40 and sustains, it would confirm the start of bullish momentum. The MACD (12, 26), however, remains bearish with negative histogram bars. The MACD line is below the signal line, confirming a downtrend, but the negative momentum appears to be slowing. If the MACD line crosses above the signal line, it would confirm a bullish trend shift, signaling a potential rally. For Ethereum price to reach $7,000 , it would need to experience a major macroeconomic shift or a significant fundamental catalyst, such as: Currently, ETH price is far from the $7,000 target, but a break above $3,500 would be a major bullish confirmation, setting the stage for a long-term rally toward higher price targets. At $1,967, Ethereum is trading at a significant discount compared to its previous highs. The indicators suggest a potential bottom formation, but confirmation is needed through price reclaiming key resistance levels like $2,100 and $2,500. For short-term traders, waiting for a breakout above $2,100 could be a safer strategy. For long-term investors, accumulating ETH at current levels might offer strong returns if Ethereum’s fundamentals continue improving. While $7,000 is an ambitious target, it is not impossible. If ETH breaks out above $3,500 and Bitcoin reaches new highs, Ethereum could enter a parabolic phase, making $7,000 achievable in the next bull cycle.

Crypto author and co-founder of Anodos Finance Panos Mekras has addressed what he calls a major misconception about XRP’s circulating supply and its original intended use. In a tweet, Mekras argued that all 100 billion XRP were created and put into circulation in 2012 when the XRP Ledger (XRPL) officially launched. Contrary to popular belief, he asserted that there has never been any inflation of XRP, meaning no new tokens have been created beyond the initial supply. Mekras explained that the XRPL, unlike Bitcoin, doesn’t rely on mining or Proof-of-Work (PoW) to distribute its tokens. Instead, the three core developers behind it—David Schwartz, Arthur Britto, and Jed McCaleb—initially made XRP freely available through a Genesis wallet, allowing anyone to claim as much as they wanted. As Ripple Labs (then called OpenCoin) was formed, the team sought ways to distribute XRP fairly. This led to widespread giveaways, airdrops, and faucet programs that dispensed thousands of XRP daily. However, Mekras noted that these distribution methods were eventually stopped due to their negative impact on XRP’s price stability. By 2017, Ripple made the decision to lock the majority of its remaining XRP into escrow, a built-in feature of the XRPL, to prevent potential large-scale sell-offs that could further destabilize the price. A major point of contention for Mekras is the way CoinMarketCap (CMC) and other market tracking websites calculate XRP’s circulating supply. Related: XRP’s Counter-Narrative: Challenging Bitcoin’s Institutional Dominance Towards $200K Mekras pointed out that while XRP has been active since 2012, CMC excludes Ripple’s escrowed tokens from circulation while failing to account for similar escrows by other XRPL users. Mekras argued that if escrowed XRP is considered out of circulation, then all escrows—not just Ripple’s—should be excluded. Mekras’ comments triggered further reactions among community members. One commenter questioned whether XRP would ever reach the $10 mark, citing the conflicting narratives surrounding its purpose and level of adoption. Others pointed to Ripple’s partnerships with financial institutions, arguing that these collaborations contradict claims that XRP was not intended for banks. Skeptics also raised concerns about Ripple’s role in the XRP ecosystem. Some investors believe the company has used XRP primarily as a funding vehicle, profiting from retail investors while delaying real utility. “Future promises never deliver,” one critic said, alleging that XRP’s true adoption remains hidden behind non-disclosure agreements. Mekras pushed back against claims that the digital asset was created for institutional use. He stated that Ripple’s founders actually opposed banks and middlemen. Related: Attorney Bill Morgan Reveals How US Bank Failures Disrupted XRP Transactions in Ripple’s ODL System “Scammers (aka influencers and YouTubers) are to blame for this,” Mekras wrote. He argued that the belief that XRP was designed for banks and cross-border payments is a misconception initially spread by Bitcoin maximalists. According to Mekras, this narrative was later amplified by certain XRP influencers, ultimately damaging the asset’s reputation and hindering its wider adoption. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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