Ethereum supply hits historic lows – How it might impact the market – BitRss

• Ethereum’s exchange reserves remain at historic lows, potentially signaling a supply-driven price increase.
• The prolonged low reserves could lead to upward price pressure in the near term.

Ethereum [ETH ($3,128.19)] appears to still be lagging behind despite the broader crypto market bullish sentiment.

While Bitcoin [BTC ($102,171.68)] created yet again another all-time high, last week, ETH continues to still struggle to break past major resistance.

However, at the time of writing the asset is up 4% in the past day with a press time trading price of $3,195.

Amid all of these, one significant factor influencing Ethereum’s price movements is the reserve levels on spot exchanges.

According to an analysis published on the CryptoQuant QuickTake platform, Ethereum reserves have exhibited notable historical trends.

Tracking Ethereum reserves over time

The analyst outlined how Ethereum’s…