Ethereum Supply Plummets: Breakout Imminent

Ethereum Supply on Exchanges Reaches 7-Year Low

• Ethereum’s price surged over 100% from lows of $1,600 to above $2,700 since early April.
• The supply of Ethereum on centralized exchanges has decreased to its lowest level in seven years.
• This reduction in exchange supply is often seen as a sign of reduced sell-side pressure.
• Ethereum is currently consolidating around the $2,500 mark after a strong rally.
• A breakout above the $2,700 resistance level could trigger aggressive buying.

Data indicates that Ethereum’s supply on exchanges has hit a seven-year low, suggesting reduced selling pressure. This development comes amid Ethereum’s consolidation around $2,500 following a significant rally from cycle lows.