Ethereum (ETH) recently peaked at $4,956 but has since stabilized between $4,200 and $4,500. Despite this price range, a decline in Ethereum’s Binance Exchange Supply Ratio (ESR) from 0.041 to 0.037 suggests a potential supply crunch, as investors withdraw ETH from exchanges. This market behavior indicates rising confidence among holders opting for self-custody. Analysts believe that if the ESR continues to drop without a price decline, ETH could be entering a new bull cycle, supported by decreased leverage, neutral funding rates, and improved fundamentals. Currently, ETH trades at $4,295, reflecting a 1.7% decline over 24 hours.
