Ethereum’s latest recovery attempt has unfolded alongside a notable development in on-chain data. According to figures from CryptoQuant, the amount of ETH held on Binance has increased in recent days, even as trading activity from major investors has slowed. This shift could make the market more vulnerable if demand continues to weaken.
Significant increase in Binance’s ETH reserves
Since the end of June, Binance’s Ethereum reserves have risen from 3.64 million ETH to 3.87 million ETH, an increase of 221,000 ETH. Binance remains one of the world’s leading crypto exchanges by volume, and while a rise in reserves does not necessarily signal selling, it does indicate that more ETH is now readily available to trade on the platform.
CryptoQuant data reveal that while ETH supply on Binance has grown, the latest price rally has not been supported by major investors stepping in with strong buying activity.
The significance of this increase is highlighted by the fact that it occurred as Ethereum’s price remained below previous highs. Higher reserves on exchanges can lead to greater selling pressure if buyer demand fails to materialize and support the market.
Large investors reduce trading pace
CryptoQuant’s data on large investor activity point to a clear decline in high-volume trades. In mid-May, average trade volume per transaction stood at around 1,500 ETH, but this figure has since dropped to roughly 1,000 ETH, reflecting a retreat into lower-activity territory. This shift suggests institutional and high-balance investors are adopting a more cautious stance.
With major players scaling back trading, order book depth may also be affected. As large buyers and sellers withdraw, smaller trades become more influential on price movements. Even if total trading volume remains steady, this dynamic could increase short-term volatility.
Technical indicators show mixed signals
According to TradingView data, ETH is trading at $1,777. Despite making several attempts, the asset continues to trade with a bearish bias and has struggled to break through resistance levels. However, buyer interest is helping to defend the $1,700 to $1,750 support area, as sellers continue to be met with demand at these lows.
A more sustained upward move would require ETH to break above the $1,900 to $2,000 range. For now, technical indicators remain indecisive: the MACD shows bearish momentum slowing, while the Relative Strength Index stays below its midline, signaling seller dominance despite ongoing efforts by buyers to steady the market.
With ETH holding support between $1,700 and $1,750, a confirmed rebound would require a move above the $1,900–$2,000 range.
Overall, Ethereum’s market appears to be in a wait-and-see mode. Unless major buyers return to support prices, the recent increase in exchange supply could put additional pressure on the market in the coming period.
