Ethereum Flashes Bullish On-Chain Signals Amid Steady Price
Ethereum (ETH) is flashing three bullish on-chain signals as its price remains steady near $2,678. The asset's rally from around $1,900 to $2,800 before pulling back has some analysts optimistic about its future prospects.
According to Santiment data, just 3.49% of ETH supply now sits on tracked exchanges, a significant drop from earlier this year. Additionally, 1.16% of total supply has moved off these platforms since June 1, with exchange balances already reaching levels last seen in Ethereum's first years.
This decline in exchange reserves is partly due to staking and decentralized finance (DeFi) activities, which account for roughly 35% of ETH being staked, and around $53 billion held in DeFi value. Corporate treasuries also keep coins off exchanges, with BitMine holding 5.98 million ETH, 85% of its holdings staked.
On the demand side, priority fees have risen 26.74% in a single day to about $464,000, indicating stiff competition for block space. However, gas usage has only climbed 0.26%, suggesting that users are paying more for faster processing rather than simply increasing production.