Ethereum's total supply held on exchanges hits a 10-year low, with only 4.9% on trading platforms.
Analysts predict a bullish breakout for Ethereum as the decreasing supply may push prices towards $5,000.
In the last 24 hours, ETH price surged by 5.5% following the drop in supply, reaching over $2,584 with a market cap exceeding $305 billion.
Large holders increasing ETH holdings and institutions investing in ETH suggest a positive outlook for Ethereum, with some predicting a price hike to $5,000.