Ethereum Supply on Exchanges Hits 7-Year Low, Signs of Bullish Momentum

Ethereum's holdings on centralized exchanges have fallen to their lowest level in seven years, indicating increased confidence among long-term investors. Since April, ETH's price has more than doubled, but it currently encounters resistance near the $2,700 mark. A confirmed breakout above this resistance level could generate bullish momentum, fueled by rising demand and constrained supply. The declining supply on exchanges suggests that investors are withdrawing ETH for holding or other purposes, which can be a positive sign for future price appreciation. If Ethereum manages to break through the resistance at $2,700, it could signal a new upward trend, encouraged by heightened buying interest and limited available supply. Overall, this trend points towards a positive outlook for Ethereum, especially if it can sustain a breakout. Investors may consider watching for confirmation signals to enter or add to their positions, as the current environment shows signs of bullish potential.