Ethereum staking reaches 31.4% while exchange supply hits 2016 low

Ethereum staking hits ATH; exchange supply at 2016 lows

Ethereum holds above $2,300 as supply tightens. Staking hits 31.4% per CryptoQuant. Exchange balances drop to levels last seen in 2016.

38.31 million ETH is staked. That’s nearly one-third of supply, locked in validators and out of the liquid market. Binance’s circulating ETH falls to the lowest since 2020, tightening available inventory on a major venue, per the same report.

The liquid float shrinks. What trades now is a fraction of prior cycles. Market depth is thinner, so smaller demand can move price faster. Context from the liquid market backdrop.

Price tests support. ETH consolidates near $2,280 after rejection at $2,400. Higher lows since February’s ~$1,800 print show a tentative recovery, but compression persists between rising support and overhead supply.

The 50-day MA sits just below price and holds as support. The 100-day MA flattens above and caps rallies. The 200-day MA still trends down. Volume fades after February’s spike; recent pullback shows limited selling. Source: chart below.

Levels to watch:
- Break and hold above $2,400 opens $2,600.
- Lose the 50-day MA, risk a $2,100–$2,000 retest.