$ETH has a supply story developing. Exchange supply ratio has fallen from ~0.18 in early 2025 to ~0.123 today, while price battles $2.6K–$2.7K resistance. Less ETH sits on exchanges, but demand still has to do the work. Break $2.7K and $2.8K comes back into focus. #ETH #Ethereum #ETFs #Macro Insights# #Altcoin Season#