Ethereum Surges 4.3% to $2,775.54 as Staking Rises 24.5%

Ethereum has surged to $2,800, driven by a significant increase in staking and a substantial reduction in exchange supply. The cryptocurrency's staking now accounts for 29.5% of its total supply, a dramatic increase from under 5% in early 2021. Concurrently, the amount of Ethereum held on exchanges has plummeted to its lowest level in five years, marking a nearly 50% drop from over 32 million ETH to under 17 million ETH. This shift indicates a structural change in the market, with more investors opting to stake their Ethereum rather than keeping it on exchanges for trading.

This trend has led to a tightening of the available supply, which in turn has fueled the price increase. The thinning float of Ethereum has made the cryptocurrency more scarce, driving up demand and pushing the price into higher ranges. Ethereum's price has broken above $2,600 with strong volume, reclaiming local highs and targeting the $2,880–$2,950 resistance zone. The strong market conviction and rising demand have positioned Ethereum for potential volatility during short supply phases.

Ethereum's current price stands at $2,775.54, reflecting a 4.3% gain in the last 24 hours. Against Bitcoin, Ethereum has also climbed 3.1%, sitting at 0.02503 BTC. This rally followed a strong bounce from $2,350 earlier in July, initiating a fresh breakout leg. The cryptocurrency has cleared the $2,600 resistance and reclaimed multiple local highs from June, printing one of the strongest daily candles in weeks. Volume increased as the price moved, indicating active demand throughout the rally.

The structure of Ethereum's price movement resembles a classic V-shaped bottom followed by higher lows. Ethereum is now targeting the $2,880–$2,950 zone, a resistance region last seen in early June. This range could act as a pressure zone in the coming sessions. The compression of Ethereum's available trading supply supports more aggressive price action when demand spikes, and traders are closely watching this setup as supply pressure builds.

If Ethereum holds above $2,750, bulls could retest the $3,000 mark. Buyers continue pushing both USD and BTC pairs. With each close above former resistance, Ethereum strengthens its current bullish structure, and investor confidence deepens. The growing gap between staked ETH and exchange balances signals a sharp structural change, with Ethereum’s shift to proof-of-stake pulling significant supply out of trading circulation. This move shows a sharp pivot toward long-term holding and validator participation, positioning Ethereum for potential volatility during short supply phases.