Ethereum’s price broke above a falling wedge pattern on the 4-hour chart on May 20th, surging by 21%. The recent data underscores this trend. Between May 23rd and June 2nd, roughly 797,000 Ethers, valued at $3.02 billion, were withdrawn from centralized exchange reserves. This substantial outflow has significantly reduced the circulating supply of Ether. According to estimates, the proportion of Ether held on exchange platforms has now declined to just 10.6% of the total supply, marking the lowest level in years.
At the time of writing, ETH was trading at $3,771.
ETH after making the recent top of $4,093 was trading in a ‘Descending Triangle’ pattern and was taking multiple supports at $2,850. The bulls finally succeeded in giving a breakout above the pattern and prices have rallied up to $3,977. However, it failed to break the $4k mark and started to consolidate between $3,700 to $3,900 with low volumes. ETH has strong support at $3,700 whereas $4,000 will act as a strong resistance. To further rally, ether needs to break, close and sustain above $4,000.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $3,350 | $3,700 | ETH | $4,000 | $4,500 |
