Ethereum (ETH) Price: Exchange Supply Hits All-Time Low as $1,600 Support Holds

TLDR

• ETH is trading around $1,620 with a bearish short-term bias
• Exchange supply has dropped to an all-time low of 14.5 million ETH
• Staked ETH has risen to a record 39.28 million ETH
• US spot ETH ETFs saw $40.85 million in outflows on Tuesday
• Key support levels to watch are $1,610, $1,550, and $1,524

Ethereum is trading around $1,620 after failing to hold above the $1,680 zone. The price has since slipped below $1,650 and the 100-hourly Simple Moving Average, with a declining channel forming on the hourly chart.

A bearish bias is holding in the near term. ETH sits well below several resistance levels starting at $1,741, and both the 14-day RSI at 25 and the Stochastic at 23 are in oversold territory.

The immediate downside target is the $1,524 horizontal support level. Below that, a secondary floor sits near $1,405, with a deeper base around $1,156.

On the upside, bulls need to clear $1,650, then $1,665 and $1,680. A push above $1,720 could open the door to $1,780 or $1,800 in the near term.

Exchange Supply Drops to Record Low

Crypto analyst account Coin Bureau flagged a striking on-chain development this week. According to their post, ETH held on exchanges has fallen to just 14.5 million ETH — the lowest level ever recorded. Over 6 million ETH has been withdrawn from exchanges since late 2023, with ETFs and corporate treasury buyers cited as the main drivers of accumulation.

This drop in exchange supply is often viewed as a sign that holders are moving ETH off exchanges rather than preparing to sell.

Ethereum’s active addresses have been declining since February but remain above levels seen during the May-to-October 2025 rally. Active addresses bounced near 414,000 last Friday when ETH approached $1,500, pointing to that level as a key on-chain support zone.

Staking Activity Continues to Rise

Staked ETH has climbed to a record 39.28 million Ethereum. The validator entry queue sits at 2.98 million ETH, while the exit queue is just 32 ETH.

This gap suggests investors are choosing to stake rather than sell, even as spot prices stay low.

US spot ETH ETFs recorded $40.85 million in outflows on Tuesday, according to SoSoValue data, returning to negative flows after recent gains.

ETH saw $68.5 million in liquidations over the past 24 hours. Long liquidations led the way at $40.9 million, per Coinglass data.

Bulls showed some life near $1,610, which lines up with the 50% Fibonacci retracement of the move from $1,505 to $1,720. That level remains the immediate line in the sand for short-term direction.

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