Ethereum held on tracked exchanges has fallen to a record-low 3.49% of total supply after another 1.16% moved off exchanges since June, Santiment data showed. ETH has gained about 10% over the past month and traded above $2,600, while roughly 35% of supply is staked and Ethereum held about $53 billion in DeFi value. The reduced exchange balance limits immediately available selling supply but does not ensure further price gains, since staked or DeFi-deployed tokens can return to market. Trader Niels identified liquidity between $2,600 and $2,550 and below $2,400 after ETH's roughly 90% rebound, while CryptosBatman said a return to a prior resistance area could precede a move toward the 1.618 Fibonacci extension.