According to the external analysis, ETH has risen to $2535 since it rebounded near $1510 in June, with a breakout in the two-bottom pattern of the preceding period. According to the article, the price structure is stronger than it was before, but between $2383 and $2495 remains the most important short-line test at this time.

Exchange balances continue to decline

In addition to price trends, changes in supply along the chain have also received attention. The data show that, since 3 June, the ETH balance on the exchange has declined from approximately 7.69 million to 6.28 million, a decrease of about 18 per cent.

The article mentions that this outflow did not stop as a result of the recent increase. After 19 August, about 275,000 ETH were transferred out of the exchange, reducing the balance to a low level during that period. During the same period, ETH has increased by about 27 per cent since 16 August, indicating that the stock of exchanges is still declining as prices rise.

By contrast, the bitcoin exchange balance has increased slightly by about 0.25 per cent over the past 12 weeks, in a different direction from ETH.

2383 to 2495 short line

According to the article, ETH is currently being tested over and over again between US$ 2383 and US$ 2495. This area was more like a top-voltage belt, and if the price stabilizes the station and turns it into a support, it could continue to move up in September.

If the purchase continues, it will be possible to follow up on the positions of $2791 and $3381. On the contrary, if the current zone is lost, the price may fall back to around the 200-day average, approximately $2150.

The strong signal goes with the heat.

With regard to technical indicators, the article mentions that the 50-day and 200-day movement mean lines have become “gold crosses” and that MAD and AO are improving to show that action can still be enhanced.

However, short-line overheating signals are equally visible. The relative strength and weakness indicator RSI has risen to 78.05 and the financial flow indicator CMF is about 0.33, all at a high level. It follows that ETH may need to go through a cooling process if it is to continue.

Overall, the review considered $2383 to $2495 as the core observation space for the next phase of ETH. If prices hold the belt while exchange balances continue to decline, market expectations for follow-up may be further enhanced.