- Ethereum is clinging to $ 2,392 support because exchange reserves touch multi -year lows, which reduces sales pressure.
- Weak momentum and macro uncertainty threaten the stability of ETH above the most important price levels realized.
Ethereum [ETH] Has run a cord above $ 2,392, the realized price of Binance deposits and an important level of support at the chain.
Now that the exchange supply is drying up, holding this line can illuminate the sales pressure. But if ETH slips, it runs the risk of turning conviction into concern and generating a new wave of distribution.
Binance’s realized prize comes to the fore as a critical point
As noted above, ETH traded just above the realized price of Binance user deposit presses, which were on the $ 2,392 press.
According to cryptoquant data, This represents The average cost basis for the ETH deposors of the Exchange, making it an important psychological and structural floor.
The graph showed Eth-Rebound every time it approaches this level and shows its influence on short-term marketing behavior.

Source: Cryptuquant
While the OKX bill addresses show a higher realized price for $ 2,706, the Dominance of Binance in exchange reserve concentration makes its average impactfuler.
If ETH remains above $ 2500, most large cohorts – especially those often interact with CEXS – remain in profit. However, a persistent drop could cause a wider sales pressure and downward volatility.
The exchange reserves of Ethereum are multi -year lows
The exchange reserves of Ethereum have fallen to 18.7 million ETH-the lowest level since mid-2022-what a persistent trend emphasized from coins that are moved from centralized platforms.
As shown in the graph, this steady decrease in the available ETH has since the beginning of 2023 suggests reduced pressure-side pressure, with holders increasingly opting for self-herb in the long term.

Source: Cryptuquant
Interestingly, this decline corresponds to the recent recovery from ETH to $ 2,500, suggesting that a reduced circulation supply functions as a buffer against sharper corrections.
Unless the inflow rises, the thinner exchange stock can limit the downward risk.
It can also strengthen the Bullish Momentum, especially because the macro question stories around Ethereum continue to build.