Ethereum Staking Ratio Hits Record 31.4% As Exchange Supply Crashes To 2016 Lows
Ethereum is trading below $2,200. The market is volatile. And yet, quietly, the structural case for ETH has never looked more constrained on the supply side. The longer context is sobering. After peaking near $4,800 in early 2025, ETH has retraced more than 50% over roughly twelve months. The current price sits below all three major moving averages visible on the chart — the short-term blue, the mid-term green, and the long-term red — an alignment that technically defines a market still in distribution, not accumulation.Related Reading
What the chart also shows is where support has historically lived. The $2,000 level has acted as a structural floor across multiple cycles, and last week’s wick to $1,700 — which was bought aggressively, as the volume spike confirms — suggests that floor is being defended. For now.
The critical question is not whether $2,180 holds. It is whether ETH can reclaim $2,500 and put distance between itself and those moving averages. Until it does, every rally is a test, not a trend.
Featured image from ChatGPT, chart from TradingView.com
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