Ethereum's supply on exchanges hits 2016 low as staking surges to record highs
Ethereum's market activity has shown notable shifts in recent weeks. Supply on exchanges has dropped to its lowest point since 2016, while staking levels have hit record highs. Meanwhile, analysts have identified key price levels that could shape ETH's next moves.
The amount of ETH held on major exchanges has fallen sharply. Data confirms reserves are now at their lowest since 2016, driven by long-term holding trends and reduced selling pressure after upgrades like the Merge. This decline has accelerated in 2026, with ongoing staking rewards, ETF inflows, and market dynamics pushing more investors to withdraw coins from trading platforms.
A single transaction on March 22 saw $1.67 billion worth of ETH withdrawn from OKX, adding to the downward trend in exchange balances. At the same time, staking has surged, with 33.1% of all ETH—around 38.1 million coins—locked in contracts. The exit queue for unstaking remains minimal, holding just 40,504 ETH with a wait time under 17 hours. However, the entry queue for new validators is crowded, with 2.88 million ETH waiting and an estimated delay of nearly 50 days. On price action, analyst Ali Charts has highlighted critical levels. ETH currently trades near $2,119, facing immediate resistance at $2,356 and $2,500. Support is mapped at $1,655, while a longer-term resistance target sits as high as $5,624.
The combination of shrinking exchange reserves and record staking suggests strong accumulation among ETH holders. With key price thresholds now in focus, market participants are watching whether buying momentum can push past resistance or if support levels will hold under pressure.
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