Exchanges Run Dry as Ethereum Price Surge Continues

Exchanges are running low on Ethereum (ETH) to sell after its price surged by 27% over the past two weeks. Since August 16, ETH's market value has climbed to $2,528. This rapid increase in price has led to a record decline of 18% in exchange reserves, which have fallen from 7.69 million to 6.28 million ETH.

Unlike Bitcoin (BTC), which typically sees an influx of coins being moved onto exchanges during rallies, Ethereum investors are taking their coins out of trading platforms and transferring them directly into staking protocols. The share of ETH staked on the network has already exceeded 35%, with large holders choosing to generate native yield within the network rather than leaving assets idle in exchange accounts.

The ETH/USD technical chart by TradingView shows that Ethereum is currently within a prolonged consolidation, with a long-term moving average acting as strong resistance. Buyers will need to secure a firm hold above $2,600 for the bearish trend to be fully broken.