Ethereum Supply on Exchanges Falls to Multi-Year Low
Glassnode sees ETH supply on exchanges fall back to 15.5 million, while the MVRV indicator has turned positive again. The price is holding just above an important Fibonacci level around $2,439.
Key Takeaways
- The amount of ETH on crypto exchanges has dropped to about 15.5 million tokens, the lowest level in years.
- Ethereum's MVRV ratio turned positive at the end of August and is around 1.05, above the 160-day average.
- ETH is trading around $2,464 and is still just above the key Fibonacci support at $2,438.85.
Ethereum is seeing the amount of ETH on crypto exchanges fall to about 15.5 million tokens, the lowest level in years. At the same time, the MVRV momentum indicator turned positive at the end of August. ETH is trading around $2,464 (€2,120) and is still just above the 0.618 Fibonacci retracement at $2,438.85 (€2,100), a level that slowed earlier rallies between March and May.
Less ETH on Exchanges
Glassnode data shows that the total ETH supply on exchanges has fallen from about 25.2 million in May 2023 to 15.5 million now. Most of that drop came after June 2025, when the balance was still around 21.5 million. Since September 2025, exchange balances have kept sliding steadily, while ETH in the same period fell from about $4,850 (€4,180) to around $1,550 (€1,330).
That drop in available supply does not automatically say anything about the direction of the price. It mainly means there is less ETH sitting on exchanges that can be traded right away. For traders, that can matter because a smaller free supply can sometimes make price moves sharper when demand changes.
MVRV Turns Positive
Along with the lower exchange supply, the MVRV ratio of Ethereum has also improved. The indicator is around 1.05 and is therefore above the 160-day average of about 0.88. That crossover happened in the second half of August and ended a negative phase that had been going since November 2025.
The moving average itself is no longer falling either and is starting to rise again. Historically, a shift like this can fit with a broader change in market sentiment, although the timing is still uncertain. The signals are also only a few weeks old.
Key Levels for ETH
ETH is now trading around $2,464.81 (€2,120), after a 0.87% drop in 24 hours. The level around $2,438.85 (€2,100) is important for now, because ETH is staying above it and that point previously acted as resistance. Volume has declined every week since the late-August peak, while the Bollinger Band Width Percentile is close to the bottom of its range.
For European crypto readers, this is especially relevant because Ethereum often plays a leading role in the broader crypto market. The combination of less ETH on exchanges and positive MVRV momentum shows that on-chain data sometimes changes before the price does. That makes the next move around current support especially important to watch. Earlier, a return of ETF inflows already caused a similar shift in sentiment around ETH.
