Ethereum Price Prediction & Analysis: Massive Rally Brewing as Exchange Supply Hits 10-Year Low?

• Ethereum supply on exchanges has dropped to its lowest level since November 2015, reaching 8.97 million ETH
• ETH price has fallen 26-47% from recent highs, trading around $1,990
• Decreased exchange supply could signal a potential “supply shock” and price rally
• Layer-2 networks are attracting users away from Ethereum mainnet, reducing fee revenue
• Ethereum ETFs have experienced 12 straight days of outflows totaling $370.6 million

Ethereum’s supply on cryptocurrency exchanges has fallen to its lowest level in nearly a decade, but the price continues to struggle amid broader market challenges.

The second-largest cryptocurrency by market capitalization is currently trading around $1,990, down approximately 26% over the past month.

Data from crypto analytics platform Santiment shows that Ethereum’s available supply on exchanges has dropped to 8.97 million ETH. This marks the lowest level since November 2015, representing a 16.4% decrease since the end of January.