Ethereum Exchange Supply Hits New Low as Whale Goes $100m Long

Ethereum is sending several signals that point to declining selling pressure, even as the price runs into firm technical resistance. The supply of ETH available on exchanges is at an all-time low and roughly 35% of all ETH is now staked, another record. Meanwhile, a major trader is putting more than $100 million behind further upside.

Less Ethereum directly available for sale

The share of Ethereum sitting on exchanges continues to fall in 2026 and has reached an all-time low, according to the data shared. At the same time, the percentage of ETH that is staked has risen to around 35%, also a record.

That combination is interesting for the available supply. ETH that is staked or moved to investors’ own wallets is not immediately ready to be sold on an exchange. Lower exchange supply does not automatically mean the price has to rise, though. Investors can always send their coins back later.

The trend is in line with earlier data from Santiment, which showed that between early June and late August around 1.4 million ETH left exchanges. The outflow even continued while Ethereum was rising sharply in value.

Whale opens $100 million Ethereum long

Against that backdrop, a major trader is taking a notable risk. The shared position data shows that a whale has opened an ETH long position with a total value of around $100.14 million.

The position consists of 41,100 ETH with an average entry price around $2.462,87. At the time of the screenshot, the position was more than $1 million in the red. With 25x leverage, the liquidation price sits at around $2.296.

That makes the position particularly sensitive to a relatively small price decline. The trader has roughly $4 million in margin for the position and is also paying funding costs.

Ethereum runs into resistance

Technical analyst Ted Pillows, meanwhile, sees both positive and negative signals. Ethereum is failing to break convincingly through resistance around $2.550. On the weekly chart, the 200-week SMA and EMA also sit in that area.

According to Pillows, it is positive that Ethereum is putting in a higher high. Bitcoin has not done so, in his view. He therefore thinks ETH has probably already left its cycle bottom behind.

According to the shared chart, a convincing break above around $2.550 could create room towards the next resistance around $2.800. If prices are rejected again, the area around $2.190 first comes into view as key support. Below that lies the next zone around $1.965.

The combination of historically low exchange supply and a record amount of staked ETH at least gives bulls an interesting argument. In the short term, however, Ethereum first has to prove it can break through the technical resistance.