$ETH is back above the $2,000 level after a small +0.6% move, but the price is still moving sideways as the broader market looks for direction.

One interesting signal is coming from the Ethereum Scarcity Index, tracked by CryptoQuant. The metric recently flipped positive at 0.67, which means the amount of ETH available on exchanges like Binance is starting to drop below normal levels.

For beginners, this matters because less supply on exchanges often means fewer coins available to sell, which can sometimes support price increases if demand picks up.

Right now, ETH is trading between $1,900 and $2,100, with major resistance sitting around $2,200–$2,400 according some data.

At the same time, institutions are still active. Firms like BlackRock continue to play a role in ETH flows, showing that big players are watching closely.

If buying volume increases while supply keeps shrinking, Ethereum could attempt a push toward $2,200 and beyond.