ETH leaves exchanges while BTC stays—what does divergence mean?Ethereum / US DollarCOINBASE:ETHUSDAltWomanEthereum is trading near $2,494, trapped between strong demand around $2,480 and resistance at $2,535. The chart is compressing, but exchange balances are telling a more interesting story. 🐋 Since June, approximately 1.4 million ETH has left exchanges. Available balances fell from around 7.69 million ETH on June 3 to 6.28 million on August 27—a decline of nearly 18%. Another 275,000 ETH was withdrawn after August 19, even as the price continued rising. Bitcoin is showing the opposite behavior: its exchange balance increased slightly over the same period. This divergence suggests that ETH holders may be more willing to move coins into self-custody, staking, DeFi or institutional custody, reducing the supply immediately available for sale. However, exchange withdrawals alone do not prove accumulation. Holding $2,480 keeps another attack on $2,520–2,535 in play. A confirmed breakout above $2,535 with stronger volume could open the way toward $2,560–2,600. Losing $2,480 would weaken the setup and expose $2,469, followed by $2,446–2,428. The supply story favors the bulls—but the chart still needs to confirm it. Until ETH breaks $2,535, this remains accumulation beneath resistance, not a completed breakout. Accumulation—or quiet distribution before the next move? 👇 Disclaimer: This is not investment advice.