Ethereum Price Holds Above $2,800 As Exchange Supply Hits Multi-Month Low

Ethereum is trading near $2,930 after an extended pullback from the $4,500–$4,800 region, maintaining a bearish pattern even as on-chain supply on Binance drops to its lowest level since September 2024. Technical analysis points to a descending triangle and layered resistance from key moving averages, while on-chain data shows the Ethereum Exchange Supply Ratio on Binance at 0.032, indicating reduced liquid supply that could amplify any demand shift. The $2,800–$2,900 zone remains a critical support area, with a breakdown risking deeper losses and a recovery above $3,200–$3,300 needed to improve the broader structure.