Yeliz Akmaca 
Ethereum is drawing attention as the amount held on centralized exchanges reaches unprecedented lows. According to Glassnode, only 8.8% of ETH remains on exchanges, the lowest level since 2015. This decline is closely linked to increased long-term staking and digital asset treasury purchases, which could tighten supply and influence market dynamics.
Ethereum Balances Plummet on Exchanges
Since early July, exchange-held ETH has dropped by around 43%. Analysts note that activities like staking, layer-2 usage, and treasury acquisitions are moving Ethereum off exchanges. Milk Road, a macro-investment research platform, highlighted that this represents Ether’s “tightest supply environment in history.” For comparison, Bitcoin reserves on exchanges still stand at 14.7%.
Momentum Indicators Signal Strength
On-Balance Volume (OBV) shows hidden buying strength despite short-term price resistance. Analyst Sykodelic emphasized that while price faced rejection, OBV often predicts upward movements reliably. Market sentiment may appear cautious, but a tightening supply could drive price action in the near future.
ETH Maintains $3,000 Support
Ether prices have largely remained above $3,000 over the past five days, struggling to break the $3,200 resistance. The ETH/BTC pair recently broke its downtrend, signaling potential relative strength against Bitcoin. Investors are closely watching these levels for signs of further upside.
Key Highlights:
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Exchange-held ETH drops to the lowest level since 2015.
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Staking and treasury purchases pull Ether off exchanges.
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OBV indicator signals hidden buying strength.
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ETH consolidates around $3,000 support.
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ETH/BTC breaks downward trend line, showing strength.
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