Ethereum's exchange supply drops to 8-year low as staking hits record highs

Ethereum's supply on exchanges has hit its lowest point since 2016. At the same time, a record 33.1% of all ETH is now locked in staking. The shift comes as the cryptocurrency trades near $2,119, with analysts mapping key price levels for the coming months. Data shows that ETH exchange reserves have plummeted to levels not seen in eight years. This decline follows a massive $1.67 billion withdrawal from OKX on March 22, reducing liquid supply even further.

Meanwhile, staking activity has surged. Around 38.1 million ETH—roughly a third of the total circulating supply—is now staked. The entry queue for new validators holds 2.88 million ETH, with an estimated wait time of nearly 50 days. In contrast, the exit queue remains small, with just 40,504 ETH and a processing time under 17 hours.

Analyst Ali Charts has identified critical price thresholds. Support sits at $1,655, while resistance targets stretch as high as $5,624. Immediate hurdles include $2,356 and $2,500. Long-term forecasts suggest ETH could average between $4,735 and $4,927 by the end of 2025, though no major external events have been linked to recent price movements. Factors like protocol upgrades, Layer 2 scaling, and competition from chains such as Solana—including its Firedancer upgrade in December 2025—may influence future trends. The drop in exchange reserves and rise in staked ETH signal a shift in how holders are managing their assets. With trading near $2,119 and clear resistance levels ahead, market watchers are now focusing on whether staking demand or price momentum will drive the next major move. The imbalance between entry and exit queues suggests strong confidence in long-term staking rewards.