Next generation Radio Access Networks (RANs) consider virtualized architectures in which base station functions are distributed in different logical nodes, connected through fronthaul (FH) links. To reduce the FH deployment costs and the required FH capacity, operators may install a single FH link shared among multiple cells and exploit key enabling techniques, such as modulation compression, to reduce FH data. In shared FH capacity scenarios, it is essential to provide efficient methods to control and optimize the FH resources' utilization with limited impact on the air interface performance. In this paper, a multi-cell multi-user scenario with a shared FH link across multiple cells is considered. We focus on optimizing the resource allocation and modulation compression of each user, in a centralized and dynamic manner, aiming to maximize the air interface performance subject to a shared FH capacity constraint. The problem is formulated as a convex optimization problem, which allows deriving the optimal resource allocation and modulation compression per user. Then, we evaluate the proposed FH-aware scheduling methods against baseline holistic strategies over an end-to-end dynamic 5G NR system-level simulator based on ns-3. Under a tight available FH capacity, results show gains that vary from 16% to 567% in different percentile statistics of the user-perceived throughput.