• Yesterday, Santiment announced in an X post that the exchange supply for ETH and BTC has been steadily declining.
• The spy agency also disclosed that additional USDT had entered exchanges.
• Technically speaking, falling wedge formations that had developed on their daily charts were broken out by both ETH and BTC.

BTC and ETH: The blockchain analytics company Santiment stated that the exchange supplies of both Bitcoin (BTC) and Ethereum (ETH) have continued to decline in a post on X yesterday.

This suggests, according to the report, that traders are happy to keep the two market leaders throughout the medium to long term.

Notably, Tether (USDT), the biggest stablecoin by market size, has seen an increase in exchange supply during the past several months.

The fact that there is more USDT available on exchanges indicates that traders and investors are getting ready to buy more cryptocurrencies, which might drive up market prices.

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The fact that 24.1% of the USDT supply is presently listed on exchange platforms was added by Santiment to their post. Since March of this year, the supply of USDT has never been higher.

In the meanwhile, trading platforms house 5.9% of the BTC supply and 8.5% of the ETH supply.

According to CoinMarketCap (BTC and ETH):

ETH outpaced BTC in terms of price performance during the last 24 hours from a pricing standpoint. The top altcoin had a price rise of 0.35% over this time,

pushing ETH’s price up to $1,639.42 at the time of publication. BTC, on the other hand, lost 0.27% during the course of a day, dropping to a price of $26,554.89.

Technically speaking, the price of BTC had exited a falling wedge formation that had developed over the course of the previous month on its daily chart. At the time of publication, the market leader’s price was also trading above this bullish chart pattern.

In the following week:

if this bullishness keeps up, BTC’s price can try to breach the next resistance level at $28,200. On the other hand, if traders start to take more profits, the price of BTC might go below the $26K immediate support level. After that, a sustained sell pressure might drive the price of BTC to $24K.

Like BTC, the price of ETH also emerged from a falling wedge formation that had developed on that currency’s daily chart. The altcoin’s price can then try to turn the $1,690 resistance level into support before continuing to rise to the next barrier at $1,775.

The probability of ETH’s price:

Going below the $1,580 support level increases, however, if the price corrects back within the falling wedge formation. After that, ETH’s price runs the danger of falling below $1,480 on a daily closure below this crucial level.

Disclaimer:

All of the information in this price analysis, including the thoughts and opinions expressed in it, has been supplied in good faith. Readers are required to conduct their own due diligence and research. The reader solely assumes all risk for whatever action they may take. Any direct or indirect loss or damage is not the responsibility of Coin Edition or its affiliates.

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