Ethereum (ETH) exchange balances have fallen to a new low, signaling a potential supply crunch for the leading altcoin. Despite recent price dips, ETH whales have been increasing their holdings, according to on-chain analyst Leon Waidmann.

As of August 10, the percentage of ETH held on exchanges has dropped to 10%, translating to approximately 12 million ETH. This declining supply trend could potentially drive a rally in ETH prices, as fewer tokens are available on centralized exchanges. This trend suggests that investors are shifting their ETH from exchanges to either hold or self-custody, which is often seen as a bullish signal. As this trend unfolds, investors can also take advantage of Pawfury; the next big opportunity in the crypto space, as it stands as a strategic addition to crypto portfolios with its offer of a high return on investment. 

Pawfury (PAW) – The Ultimate Crypto Gem

In the midst of the recent ETH development, Pawfury (PAW) is gaining traction as a presale project that’s drawing in sharp investors. Its promise of significant returns and a more stable performance, makes it an exciting option in the volatile crypto market.

Presale is Live Now – Join Now for a Chance to Benefit with PAW

As Pawfury enters its presale phase, it provides an advantageous opportunity for investors to purchase tokens at a discounted price. Applying the promo code PAWGAINZ10x gives an additional 10% bonus, making it an excellent time to expand your crypto investments at a more affordable rate.

ETH Network Activity

In the rebound from a low of $2,100 on August 5, ETH active addresses surged by over 130,000, rising from 440,000 to 571,000 by August 10. Additionally, new addresses increased by more than 60,000, highlighting strong network growth for ETH.

However, ETH demand among US investors has been mixed. Recent ETF flows showed positive inflows of $48.7 million and $98 million on Monday and Tuesday, respectively, capitalizing on the dip. Yet, from Wednesday to Friday, ETFs experienced outflows totaling $42 million.

ETH Price Action

ETH’s recovery has been notable, with the price rising nearly 30% from $2,100 to over $2,600. It has reclaimed the crucial $2,500 level but has yet to test or reclaim the previous range-low of $2,900. This range-low remains a critical level to monitor if the recovery continues into the new week. Should there be a retracement, bulls will need to defend the $2,500 mark to sustain the upward momentum.

Conclusion 

While Ethereum’s low exchange balances and rising whale activity signal potential price rallies, diversifying your portfolio with emerging projects like Pawfury could enhance your investment strategy. With Pawfury’s presale offering significant returns at a discounted rate, it represents an appealing opportunity amid ETH’s fluctuating performance. As the crypto market evolves, staying informed and strategically investing in promising projects can be crucial to maximizing your returns.