Ethereum reserves on exchanges hit 9-year low

Cointelegraph, citing CryptoQuant data, reported that Ethereum (ETH) reserves on centralized exchanges have dropped to 18.95 million ETH, the lowest since July 2016. The decline signals a potential supply shock, as investors move ETH to cold wallets for long-term holding, reinforcing optimism for a market recovery toward the $3,000 level. Analysts point to potential resistance at $2,750 and $2,800, with a breakout above these levels triggering over $822 million in short liquidations. Meanwhile, expectations for staking-enabled Ethereum ETFs could further tighten supply and drive demand.