Ethereum Price May Be Near Bottom as Sellers Exhausted and Supply Dwindles

Ethereum's recent decline from $2,300 to $1,600 has led to a TD Sequential '9' buy signal, indicating potential seller exhaustion at current levels.

The technical pattern tracks nine consecutive bearish candles, pointing to a weakening trend momentum. This signal does not guarantee a reversal but marks a point where the existing downtrend may be losing strength.

On-chain data from CryptoQuant shows exchange reserves across centralized platforms trending sharply lower, indicating reduced sell-side liquidity and a shift in holder behavior towards storage over selling at present price levels.