Ethereum Shows Three On-Chain Indicators of Continued Buyer Interest

Ethereum (ETH) is displaying three on‑chain metrics that suggest buying pressure remains despite a recent price pullback.

Exchange Supply Decline

Santiment data shows that only 3.49% of ETH’s total supply is currently held on tracked exchanges, a level not seen since the network’s early years. Since June 1, an additional 1.16% of the supply has moved off exchanges, extending a downward trend that began in January. Lower exchange balances reduce the amount of ETH readily available for sale.

Rising Priority Fees

CryptoQuant data indicates that priority (tip) fees surged 26.74% in a single day to roughly $464,000, while overall gas usage rose marginally by 0.26% to about 217.1 billion. Block production remained stable near 7,147 blocks, suggesting that users are paying higher fees to secure faster transaction processing rather than a drop in network activity.

Binance Stablecoin Reserve Recovery

Tracking of Binance’s ERC‑20 stablecoin reserves shows a rebound to approximately $43.8 billion after an August low near $42 billion. Although still below the roughly $49 billion peak earlier in the year, the increase represents additional “dry powder” that could be deployed into ETH or other crypto assets.

Potential Risks

Analysts caution that thin exchange supply does not guarantee price gains, and stablecoin reserves may remain idle or be used for derivative positions. A sharp decline in priority fees combined with weaker gas usage could pressure ETH support around $2,600.

Current price action keeps ETH near $2,678, up about 8% over the past week, with support identified between $2,600‑$2,650 and a possible retest of $2,700‑$2,800.