Ethereum Hits 30-Day Low in Exchange Reserves
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On May 5th, Ethereum’s exchange reserves plummeted to a 30-day low, marking a significant moment in its market dynamics. The data from CryptoQuant shows a sharp decrease in reserves to 13.595 million ETH, while Ethereum peaked at $3,136. The trend of reducing exchange reserves supports the viewpoint of decreasing selling pressure and an increase in holding behavior among investors. Hence, with a prolonged declining trend in exchange reserves, the Ether price could skyrocket in the coming days.
