Ethereum Exchange Supply Drops to 4.9%, Price Holds $2,538—Eyes $2,741 Next

Ethereum’s exchange held supply has dropped to 4.9%—the lowest ever—according to Santiment. This is a big shift towards long term holding and decentralized storage. Over the last 10 years 15.3 million ETH have been removed from exchanges, 1 million in the last 30 days.

Analysts see this off exchange migration as a reduction in sell pressure and a setup for further price appreciation. Over the last month ETH has gone up 58%, today’s 7% surge has taken ETH above $2,538 and market cap above $300B.

On-Chain Activity and Futures Data Shows Strong Bullish Sentiment

Ethereum’s bull case is backed by increasing futures activity. Coinglass data shows ETH futures open interest up 7% to $31.24B. Meanwhile liquidations were $91.6M in 24 hours, $59.6M of which were short positions. Traders are betting on up moves despite the volatility.

Ethereum Technical Analysis: Price Bounces off Key Fibonacci Support

From a technical perspective ETH is above $2,515 after bouncing off the 0.382 Fibonacci level at $2,376—an area supported by the 50-EMA ($2,470). This area has been a strong support since early May and buyers are stepping in to maintain the bullish structure.

MACD has turned bullish with a crossover below the zero line, indicating more upside. If ETH breaks above $2,600 the next resistance zones are $2,741 and $2,867. A close above $2,600 could confirm the move towards $3,000 and beyond. But a break below $2,470 could see a retest of $2,264 or $2,152.

Key Points:

• 4.9% of ETH supply is now on exchanges—the lowest ever

• 1M ETH withdrawn in 30 days, long term accumulation

• ETH at $2,538 with $300B+ market cap after 7% daily gain

• MACD crossover and 50-EMA support for further upside to $2,741

• Resistance above $2,600 could unlock targets at $2,867 and $3,000Long term.