Ethereum has reclaimed $2,000 overnight with a modest +0.6% move to the upside as ETH USD continues to chop sideways as the broader market searches for direction.
However, under the hood on Binance, a key supply metric just flashed a positive 0.67 reading. While price action looks hesitant, this signal suggests the order book is thinning out in favor of sellers. 
The Scarcity Index, tracked by CryptoQuant analysts, measures the deviation of exchange reserves against historical baselines. A positive reading indicates that the platform’s available inventory is dropping below average levels, reducing the liquidity cushion for sell orders.
At 0.67, the index isn’t screaming an immediate supply shock, but it marks a definitive structural shift. Historically, similar transitions from negative to positive scarcity values have preceded recovery phases, as sell-side pressure exhausts itself against steady accumulation.
