Ethereum staking hits record 33.1% as exchange reserves plummet to 2016 lows
Ethereum has reached a new milestone, with a record 33.1% of its total supply now locked in staking. This surge in staked ETH comes as exchange reserves hit their lowest level since 2016. Meanwhile, the cryptocurrency is trading near $2,119, with key resistance levels identified ahead. Data from CryptoQuant confirms that ETH held on exchanges has dropped to its lowest point in eight years. This decline follows a massive $1.67 billion withdrawal from OKX on March 22. The reduction in exchange reserves suggests a shift in investor behaviour, with more holders opting to stake rather than trade.
At present, 38.1 million ETH—worth over $80 billion—is locked in staking contracts. The entry queue for new validators remains lengthy, holding 2.88 million ETH with an estimated wait time of nearly 50 days. In contrast, the exit queue is minimal, with just 40,504 ETH waiting to be unstaked, taking under 17 hours to process.
Analyst Ali Charts has highlighted critical price levels for ETH. Support sits at $1,655 based on the MVRV metric, while resistance targets stretch as high as $5,624. Immediate hurdles for upward movement are seen at $2,356 and $2,500. The record staking levels and shrinking exchange reserves point to growing confidence in Ethereum's long-term potential. With ETH trading near $2,119, market watchers are now eyeing whether it can break past the next resistance levels. The current dynamics suggest reduced liquidity but increased commitment from holders.
