Ethereum’s (ETH) price continues to grapple with significant strain, having fallen below $2,400 for the second time in three days.

While the broader market might hope that this latest decline marks the bottom, on-chain analysis begs to differ.

Investors Move Away from ETH

On August 24, Ethereum’s price climbed to $2,800, sparking speculation that the cryptocurrency might retest $3,000. But that did not happen, as ETH continues to trade lower. At press time, Ethereum’s Coinbase Premium Index has plummeted, suggesting that the price might succumb to another notable decline.

The Coinbase Premium Index gauges the difference between the Ethereum spot price on Binance and that of Coinbase. High values of this indicator suggest substantial buying pressure in the US. Low values, however, signify that US investors are refraining from buying but selling.

Based on CryptoQuant’s data, the index has dropped to -0.042, suggesting a notable decline in buying pressure from American investors.

Read more: 9 Best Places To Stake Ethereum in 2024

Likewise, the spot Ethereum ETFs have also faced a lack of demand. On-chain data from Santiment reveals that the ETH supply available on exchanges has been climbing.

One month ago, the amount of ETH in exchanges was 19.94 million. Today, the same metric is over 21 million, indicating that more coins have flowed into these centralized platforms. 

A low exchange supply typically signals bullish conditions, as it indica

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Author: Victor Olanrewaju

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