The Ethereum market appears to be stalled, but on-chain data reveals that the supply environment is tightening. Exchange reserves have fallen to approximately 16.2 million ETH, the lowest level since 2016, and staked ETH is locked at approximately 37 million ETH. This supply compression, combined with natural demand recovery from increased network activity and the normalization of derivatives positions, suggests that the current consolidation phase may herald more meaningful directional movement in the future.

ETH1.66%

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