Ethereum nears key resistance as exchange supply hits record low

Ethereum is once again moving towards an important technical level. ETH is trading around $2.675 and several analysts are looking at the zone between $2.700 and $2.800 as the next major hurdle. At the same time, only 3.49% of all Ethereum is on exchanges, a record low according to Santiment. Sentiment across the broader crypto market remains in Greed, while a further rise could take the market towards Extreme Greed.

Ethereum must break through resistance around $2.700

Michaël van de Poppe is positive about Ethereum’s recent move. On his chart, ETH is consolidating around $2.675, after the price recovered strongly from levels below $2.500.

The first important level is around $2.708. Van de Poppe wants to see Ethereum break above this level and then use it as support on a pullback. If that happens, he expects ETH to be able to move further towards new highs.

Ted Pillows, meanwhile, is looking at a slightly lower level. Ethereum touched $2.600 yesterday and according to him, there is still a sizeable amount of liquidity on the long side around $2.550. He is allowing for the possibility that ETH will seek out this liquidity first before the uptrend resumes.

On his weekly chart, the zone around $2.761 to $2.800 then forms an important resistance area. A convincing breakout above that would change the technical picture. Higher up the chart, the next major resistance zone lies around $3.447.

Only 3.49% of Ethereum is now on exchanges

Besides the price action, what stands out in particular is the available supply on exchanges. According to data from Santiment, only 3.49% of the total Ethereum supply is currently held on trading platforms. That is a new record low.

Since 1 June, around 1.16% of the total ETH supply has moved from exchanges to other addresses.

Lower exchange supply means that a smaller portion of all ETH is immediately available to be sold through these trading platforms. However, that is not automatically proof that these coins are being held for the long term. They may, for example, also be moved to other trading venues or personal wallets.

The development does coincide with the recovery in the Ethereum price and is therefore interesting as ETH tries once again to break through the resistance around $2.700 to $2.800.

Crypto Fear and Greed Index remains in Greed

Market sentiment also remains positive. The Crypto Fear and Greed Index currently stands at 72 out of 100 points. That puts the crypto market in Greed.

Yesterday, the index stood at 73, and last week it was also at 73. A month ago, the reading was higher at 80. According to the shared data, the highest level of 2026 is 82, which falls within Extreme Greed.

A fresh rise in the crypto market could push the index back towards Extreme Greed.

For Ethereum, meanwhile, clear levels are on the table. According to Pillows, important liquidity sits around $2.550, while to the upside roughly $2.700 must first be broken, followed by $2.800. At the same time, ETH supply on exchanges has reached a record low of just 3.49%.