PelinayPA2026-03-19

Ethereum Still Looks Expensive for Buyers

Recently, netflow has been consistently negative, meaning investors are steadily withdrawing ETH from exchanges. This reduces the available supply on the spot side. However, this is not strongly reflected in the price. ETH is still trading around $2.1K, with a weak and low volume recovery. Normally, with such sustained outflows, a stronger price rebound would be expected but that’s not happening. The reason is a lack of demand and ongoing macro pressure. In particular, over the past 2-3 months, there have been upward spikes in netflow. This indicates that every attempt at a price increase is being met with selling pressure. The Fed has decided to keep interest rates unchanged. This is a neutral to positive development. There is no additional liquidity, but it also helps ease macro pressure. However, the ongoing war environment in the Middle East is pushing large players to stay in cash. As a result, even with stable rates, demand for crypto remains weak. In summary, the supply side is bullish, but there are no buyers. It appears that buyers still consider the current price expensive and are waiting for a new bottom.