Ethereum supply shock well and truly at all time highs. Looks like the market overpriced it in May but is probably underpricing it July / August.
Switching to an oscillator view of this, it’s moving out of its no-brainer buy zone with the latest rally. But importantly, despite short term technicals being quite warm, it’s far from over-bought on fundamentals.
#ETH Exchange Balance (blue), continues to deplete suggesting a mid-cycle accumulation phase
In 2017, an initial supply depletion was followed by a local top/accumulation phase, and then a final rally to the macro top.
Exchange balance only increased after the macro top