Ethereum’s supply on exchanges has reached historic lows, indicating potential upward price pressure. ETH’s price currently hovers around 3,195 USD, but the asset struggles to break significant resistance levels despite a bullish sentiment in the broader market.

The trend of low reserves suggests many investors are moving ETH off exchanges for long-term holding, reflecting their confidence in the asset. This behavior may lead to increased demand and further price movements in the near future.

An analysis notes a decline in Ethereum reserves since late 2021, with current fluctuations in the Estimated Leverage Ratio suggesting potential consolidation among market participants. Monitoring these trends will be crucial for understanding ETH’s short-term trajectory.