Ethereum Exchange Supply Hits Multi Year Low as Momentum Shifts

Ethereum supply on exchanges has dropped to roughly 15.5 million tokens, reaching its lowest point in several years. This reduction represents a significant 38 percent drop from the peak observed in May 2023. While lower supply on exchanges often limits immediate selling pressure, past trends suggest this alone does not guarantee a price increase, as prices have previously fallen even while exchange balances decreased.

The real change may be coming from the Market Value to Realized Value ratio, or MVRV. For the first time since late 2025, this metric has crossed above its 160 day moving average. This shift suggests that the long period of negative momentum is finally breaking, providing a more reliable signal for traders than supply levels alone.

Currently, Ethereum is trading near 2,464 dollars, holding just above the critical support level of 2,438 dollars. This price point previously acted as a major ceiling, and it now serves as a floor for the current trend. Analysts are watching this level closely, as dropping below it could trigger a slide toward 1,980 dollars, while holding could allow for a climb toward 2,919 dollars.

With low volatility and cooling technical indicators, the market is currently in a state of compression. Investors should monitor whether the new positive momentum remains stable or if the price fails to hold its current support. Keeping an eye on the 160 day moving average will be vital to determine if this change in trend has enough strength to last.