Ethereum (ETH) has reached a significant milestone in its on-chain metrics, with just 4.9% of total ETH supply now held on exchanges—its lowest level since inception, according to blockchain analytics firm Santiment.
This trend reflects strong investor confidence and reduced short-term selling pressure, factors that are helping drive Ethereum’s recent rally. Over the past month, Ethereum’s price has jumped more than 58%, with a 7% surge today alone pushing ETH above $2,570 and its market capitalization past $310 billion.
Santiment noted that since peaking years ago, 15.3 million ETH have been withdrawn from exchanges, signaling a long-term accumulation trend.
Investors Withdraw 1M ETH in 30 Days
Supporting this bullish shift, on-chain data from Glassnode reveals that nearly 1 million ETH were pulled off centralized exchanges in the last month. This rapid drawdown suggests investors are moving assets to cold storage and DeFi protocols, indicating confidence in long-term price appreciation.
Additional data points reinforcing ETH’s bullish momentum:
- Open interest in ETH futures has risen 7% to $31.24 billion, per Coinglass.
- Short liquidations in the last 24 hours totaled $59.6 million, out of $91.6 million in total liquidations.
- The market sentiment index now reflects a strongly bullish bias for Ethereum.
Market analyst Arthur Hayes has predicted that Ethereum will be a major outperformer in the upcoming altcoin cycle, attributing the strength to the shift toward staking and reduced liquid supply.
Golden Cross Signals Potential for $5K
On the technical front, ETH is showing additional signs of strength. Analyst Crypto Patel highlighted a Golden Cross pattern forming on the 12-hour chart—a bullish indicator where the short-term moving average crosses above the long-term average.
If ETH maintains support above the critical $2,500 level, analysts anticipate continued upside momentum. Key resistance levels to watch include:
- $3,000, a psychological and technical milestone
- $3,800 to $5,000, the analyst’s medium-term target
Given the fundamental and technical backdrop, Ethereum appears poised for a sustained breakout—provided macro sentiment remains favorable and exchange supply continues its decline.