The reserves of Ethereum (ETH) on centralized cryptocurrency exchanges have reached a nine-year low, indicating a potential supply shock that could drive a significant rally in the cryptocurrency's price. Despite a relatively quiet year and struggles to surpass its all-time high, ETH has defended a critical demand zone, reigniting bullish hopes for a breakout above the $3,000 resistance level. The decreasing supply of ETH on exchanges could lead to sharp price appreciation if demand exceeds available liquidity. Crypto analysts suggest that ETH may be on the verge of a major price move, similar to Bitcoin (BTC), which could spark a broader crypto market rally. However, concerns remain about the Ethereum Foundation selling large amounts of ETH. Currently, ETH trades at $2,721, down 4.7% in the past 24 hours.



Other News from Today