TL;DR:
- Ethereum reserves on trading platforms recorded an approximate balance of 15.5 million ETH on September 10, 2026.
- The current figure represents a 38% decrease from the peak of 25.2 million coins recorded in May 2023.
- The MVRV ratio reached 1.05 points, climbing above its 160-day moving average of 0.88 following nine consecutive months of negative readings.
Ethereum exchange reserves fell to around 15.5 million coins during Thursday’s session. The metric marks the lowest level recorded in recent years while the asset trades around $2,464.
Glassnode data confirms that the aggregate balance on centralized platforms has experienced a steady decline over the past three years. From the peak of 25.2 million ETH reached in May 2023, exchange balances have dropped by 38%.
The acceleration of this trend began in June 2025, a period when exchange deposits still stood at 21.5 million ETH.
Technical analysis emphasizes that the decline in available inventory does not independently serve as an immediate timing indicator. Reports detail that between September 2025 and June 2026—a timeframe marked by persistent balance declines—Ether’s price retreated from $4,850 to $1,550.
The decrease in circulating supply across platforms represents a structural liquidity condition. Industry experts explain that pulling coins from order books removes immediate sell-side pressure, yet it does not dictate price trajectory without corresponding active demand.
MVRV Indicator and Technical Volatility Compression
Ethereum’s Market Value to Realized Value (MVRV) ratio stood at 1.05 points during the second week of September 2026. This level places the metric above its 160-day moving average, positioned at 0.88 points.
The bullish crossover occurred during the second half of August. This development ended a nine-month streak of negative readings that had persisted since November 2025.
The 160-day moving average halted its downward slope and began curving upward. Historical Glassnode data suggests that these structural pivots often align with medium-term cycle transitions, though analysts note the signal carries only three weeks of confirmation.
On the daily chart, Ether traded at $2,464.81 with an intraday decline of 0.87% and a market capitalization near $300.8 billion.
The price remains above the 0.618 Fibonacci retracement level at $2,438.85. This band acted as technical resistance between mid-March and mid-May 2026 before turning into immediate support.
Spot market trading volume decreased week-over-week following the late-August rebound. Concurrently, the Bollinger Bands Width Percentile (BBWP) dropped to the lower boundaries of its historical range.
Severe BBWP compression typically precedes periods of volatility expansion across financial charts. Analysts note that the Relative Strength Index (RSI) normalized toward 60 points after tapping 80 points in late August.
A sustained defense of the $2,438.85 level would technically pave the way toward the 0.5 Fibonacci retracement at $2,919.89, representing a potential gain of approximately 18%. Conversely, losing this support would expose a liquidity void with limited structural reference points down to the $1,980 region.
Market direction will largely hinge on the weekly close around the $2,438 support and the forthcoming derivatives metrics scheduled for the upcoming options expiry on September 25, 2026.
