The amount of Ether stored on centralized exchanges hit an all-time low, with balances dropping to 8.7%. This marks a 43% decline since July, signaling a potential supply squeeze. Meanwhile, Bitcoin stored on exchanges was at 14.7%. ETH is being moved to non-selling platforms, hinting at a supply crunch that could boost prices.

Despite hovering around $3,000, Ether struggled to break the $3,200 resistance in the past five days. The asset currently consolidates at around $3,050. Additionally, ETH/BTC pair performance improved as it broke a five-month downtrend line, catching the attention of traders. Analysts remain cautiously optimistic about future price movements.

Read more at cointelegraph.com: Ether Exchange Balances Hit Record Low Amid Supply Squeeze