24/7 Cryptocurrency News

Ethereum (ETH) Price Dominance Over Bitcoin Grows, Exchange Supply At All-Time Low

Ethereum (ETH) has successfully broken through the crucial resistance level of $2,500 and is now eyeing a higher threshold of $2,700.
Published by
Ethereum (ETH) Price Dominance Over Bitcoin Grows, Exchange Supply At All-Time Low

While the Bitcoin price has been consolidating largely post-ETF approval, Ethereum (ETH) has been making strong upside moves, thereby closing the gap with BTC. At press time, the Ethereum price is trading 1.44% up at a price of $2,564 with a market cap of $308 billion.

The Ethereum Price Dominance

According to insights provided by on-chain data provider Santiment, Ethereum’s price dominance has experienced a notable surge against Bitcoin, marking a +22.4% increase over the past week. This period has witnessed the creation of 89.4K new Ethereum addresses per day, further underscoring the platform’s growing traction. Notably, a staggering 96.3K wallets were created just yesterday.

Courtesy: Santiment

In addition to these on-chain activities, Santiment’s data reveals a significant trend in Ethereum’s supply on exchanges, nearing its All-Time Low of 8.05%. This movement toward self-custody and staking implies a reduced risk of an imminent selloff, presenting a more favorable scenario compared to concerns arising from a rising supply on exchanges. These on-chain dynamics shed light on Ethereum’s current market strength and its potential implications for future price movements.

ETH Price Action Going Ahead

In the recent trading session on Tuesday, Ethereum price initially experienced a slight pullback, testing the crucial $2,500 level. Notably, this level had previously served as significant resistance but now appears to be providing substantial support for the cryptocurrency. The price action suggests Ethereum’s attempt to enter a consolidation phase.

The $2,700 level emerges as a key threshold, representing the upper boundary of the short-term trading range. Analysts consider this level crucial, and a breakthrough could set the stage for a potential market surge, with Fear of Missing Out (FOMO) traders likely to join the rally. Beyond $2,700, the Ethereum price could further rally all the way to $3,400.

Conversely, a downside scenario could unfold if the second-largest crypto by market cap breaks below the hammer formed during the Monday session. In such a case, the cryptocurrency might see a downward movement toward the 20-Day Exponential Moving Average (EMA), situated around the $2,300 level. Traders are closely monitoring these critical levels, anticipating potential shifts in Ethereum’s short-term trajectory.

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH

Popular gold advocate Peter Schiff has criticized Bitcoin’s weakness against gold, calling it near bear…

September 7, 2025
  • Bitcoin News

Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure

Arkham Intelligence has identified 45,000 Bitcoin (BTC), valued at nearly $5 billion, that remains untouched…

September 7, 2025
  • 24/7 Cryptocurrency News

Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline

Ethereum ETFs faced a sharp investor pullback this week, shedding nearly half a billion dollars…

September 6, 2025
  • 24/7 Cryptocurrency News

World Liberty Financial Discloses Reason for Blacklisting 272 Wallets

World Liberty Financial (WLFI) has confirmed that it blacklisted 272 wallets and explained why it…

September 6, 2025
  • 24/7 Cryptocurrency News

September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data

Traders are beginning to price in the possibility of a 50 basis points (bps) Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Spotlights Strategy’s Performance Following S&P 500 Snub

Michael Saylor highlighted Strategy’s outperformance after the company was excluded from the S&P 500. The…

September 6, 2025