Ethereum Still Expensive for Buyers

Recently, netflow has been consistently negative, meaning investors are regularly withdrawing ETH from exchanges. On the spot side, #ETH selling supply is weakening. However, this situation is not strongly reflected in price. Price is still trading around the $2.1K level. There's an increase with low volume. Normally, with this much outflow, we would expect rapid price recovery, but this is not happening. Because even without selling, there's a lack of demand and macro pressure.
#Ethereum Especially in the last 2–3 months, there are also upward netflow spikes. This shows that selling comes with every rally attempt.
The Fed announced it is keeping interest rates steady. This is a neutral-positive situation. There's no extra liquidity, but it's a move that also reduces macro pressure. The conflict environment in the Middle East is causing Whales to prefer staying in cash. For this reason, even though rates remain steady, demand for crypto is weakening.
In summary, $ETH Supply side is bullish but there are no buyers. I think buyers still find the price expensive and are waiting for a new bottom.
⚠️ #not an advertisement or investment advice. Analysis is my personal opinion. Does not contain certainty.