While most of the market is watching price, smart money is paying more attention to supply.
$ETH Exchange Supply Ratio has dropped to historical lows since 2016, indicating that the amount of $ETH held on exchanges is gradually shrinking. This often reflects that potential sell pressure is no longer as high as before. When more $ETH is moved onto exchanges, it usually signals potential supply ready to be sold.
Price has not shown a clear reaction yet, but on-chain data is often a useful indicator to watch ahead of price movements. If demand improves, $ETH could see notable movement from this zone.