Ethereum Exchange Balances Keep Falling While Price Struggles Below $3,000 and 200-EMA

Ethereum’s price is still capped below the $3,000 level and the 200-day exponential moving average, even as exchange balances continue to decline and whale accumulation grows. Futures market data shows that over 70% of open ETH perpetual positions are long, creating a crowded leverage setup with elevated liquidation risk. Momentum indicators remain subdued, pointing to a coiled market structure that could precede a sharp volatility spike.