Ethereum Exchange Reserves Fall to Nine-Year Low at 18.95 Million
Ethereum Reserves at Nine-Year Low
Data from CryptoQuant indicates that Ethereum (ETH) reserves on centralized exchanges have reached 18.95 million, the lowest since July 2016. This decline may lead to a potential supply shock, where demand exceeds liquid supply, potentially driving prices up.
- Current ETH price: $2,721
- Recent defense of critical demand zone ($2,380-$2,460)
- Analyst signals bullish breakout after breaking diagonal resistance
Despite recent struggles, analysts remain optimistic about ETH's future price movements. The cryptocurrency has faced bearish sentiment and competition from assets like Solana (SOL), which have seen significant gains. However, some analysts predict an upcoming 'most hated rally' for ETH.
- BTC also showing similar patterns, with potential market-wide implications
- ETH down 4.7% in the last 24 hours
