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Ethereum (ETH) exchange reserves have dropped to their lowest levels in nearly a decade, setting the stage for what some describe as a looming supply crunch.
As Ether struggles to reclaim its earlier highs, large investors have ramped up accumulation, betting on a long-term rebound.
Ethereum Reserves Plunge to 9-Year Low
According to data from CryptoRank and Santiment, the amount of ETH held on centralized exchanges has plunged to 8.97 million tokens, the lowest figure since November 2015.
CryptoQuant data backs this trend, showing a continued Ethereum Exchange Reserve metric drop. As this figure falls, it typically suggests investors are moving ETH to self-custody, potentially reducing sell pressure.
“You’re witnessing the lowest level of ETH exchange reserves ever,” trader Merlijn posted on X. “A massive Ethereum supply shock is brewing.”
A similar pattern occurred with Bitcoin in Jan., when exchange reserves fell to a 7-year low. Prices jumped shortly after.
Whales Load Up as Price Dips Below $2,000
Ethereum dropped under $2,000 for the first time in over a year, falling more than 51% from its Dec. 16 peak of $4,100, according to CoinMarketCap.
Still, whale activity has surged. Santiment data shows wallets holding between 1,000,000 and 10,000,000 ETH bought over 120,000 ETH in the past 72 hours.
Glassnode confirmed the rising interest. Between March 10 and March 22, wallets holding at least $100,000 worth of ETH rose from 70,000 to 75,000.
Analysts Eye Critical Recovery Zone at $2,200
While accumulation grows, analysts remain cautious. Crypto analyst Rekt Capital states that ETH must reclaim $2,200 to confirm a breakout.
“If price can generate a strong enough reaction here,” he wrote, “then #ETH will be able to reclaim the $2,196–$3,900 macro range.”
Meanwhile, trader Jelle said ETH is “bouncing and trying to get back above key support.” A push above $2,200 could produce a large deviation.
Ethereum: Macro, Regulatory Forces Still in Play
Broader macroeconomic uncertainty continues to weigh on investor confidence. Analysts cited trade tensions and tariff risks as short-term headwinds through early April.
Still, the recent dismissal of the U.S. Securities and Exchange Commission’s lawsuit against Ripple has buoyed sentiment in the crypto space.
VanEck forecasts ETH could hit a cycle top of $6,000 in 2025, with Bitcoin potentially reaching $180,000.
Crypto Patel pointed to extreme RSI levels as a long-term buy signal. “ETH Weekly RSI has hit levels seen only three times in history,” he noted.
Despite macro pressure and recent losses, Ethereum’s exchange supply continues to decline as large holders accumulate. Whether this supply crunch fuels a price rebound depends on ETH price reclaiming key resistance zones—starting with $2,200.
