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Points of Focus
- ETH fell 1.02% to $2,489 as three technical signals turned bearish.
- Santiment reports ETH exchange supply at an 11-year low, down 73%.
- Bitmine added 27,180 ETH this week, citing today’s CLARITY Act vote.
Ether (ETH) is trading at $2,489.19 at the time of writing, down 1.02% intraday and back below the $2,500 level it held in the prior two pieces in this series. The pullback lands the same day Santiment reported Ether’s exchange supply has fallen to an 11-year low.
Santiment’s data shows 6.06 million ETH held on exchanges, down 73% from the 22.9 million coins sitting there at Ether’s June 2020 peak. That combination, a price dip against a structurally thinning pool of sellable supply, is the tension this piece is built around.
Ether’s exchange supply falls to an 11-year low as price dips
Santiment’s chart tracks ETH sitting on exchanges as both a raw figure and a share of total supply, and both lines have fallen in the same steady decline since 2020.
🔒 Ethereum’s exchange supply keeps disappearing. This chart shows 6.06M ethereum:native on exchanges now, down from 22.9M at the network’s June 2020 peak.
📉 That’s a 73% drop in easily sellable exchange supply. Less ETH on exchanges means fewer coins sitting near order books,… pic.twitter.com/KGtbU3OVW2
— Santiment Intelligence (@SantimentData) September 14, 2026
Coins held on exchanges are generally considered the most readily sellable supply since moving ETH off an exchange into a wallet, staking contract, or custody arrangement adds friction to selling it quickly.
A shrinking exchange balance does not prevent a session like today’s 1.02% pullback. What it does is raise the stakes of the next wave of buying: With fewer coins sitting near order books, a comparable amount of demand has less available supply to absorb, which is why Santiment presents the shrinking balance as a standing structural signal rather than a short-term price call.
Ether’s technical stack turns cautious as three signals flip
The nine-day Hull moving average (MA), which flipped to an upward signal two pieces ago, has reverted to a downward signal at $2,507.38 now that price sits below it. The 10-day simple moving average (SMA) also shows a downward signal for the first time in this series, at $2,491.73, narrowly above the current price.
Momentum reverted to a downward signal at 8.29, after briefly turning positive on Sept. 14, and the moving average convergence/divergence (MACD) level has now declined for six straight days, from 94.78 to 74.18, still a downward signal throughout.
The average directional index (ADX) sits at 50.44, roughly unchanged from recent sessions, meaning trend strength remains intact even as near-term direction has become less certain.
Every MA from the 20-day through the 200-day still shows an upward signal, so the broader structure has not broken. What has changed is the fast-reacting layer, exactly the indicators most likely to flip first if a pullback is starting rather than pausing.
The classic pivot table puts resistance at $2,748.31, about 10.4% above spot, and support at the pivot point itself, $2,284.54, about 8.2% below spot. A close back above the Hull average and the 10-day SMA would undo today’s flip and put the stack back in the same unanimous state it held two pieces ago; a slide toward the pivot point would be the first real test of whether the broader trend is turning, not only the fast-reacting layer.
Bitmine keeps buying as the CLARITY Act vote and a technical call loom
Bitmine Immersion Technologies, the largest corporate Ether holder, disclosed that it added 27,180 ETH over the past week, bringing its total to 5,956,378 ETH, about 4.9% of Ether’s total supply.
Lee’s statement also noted that the ETH/BTC ratio reached its highest level since Jan. 30 and broke a downtrend in place since the pandemic-era highs, which he attributed to Ethereum’s role as settlement infrastructure for tokenization and agentic AI activity.
Chairman Tom Lee named the Senate’s CLARITY Act cloture vote, scheduled for 2:15 pm ET on Sept. 15, as one of “multiple positive catalysts as we head into the final months of 2026.”
Tom DeMark, whose firm advises Bitmine on technicals, said in the same release that “the 12-day metric expired, which implies a renewal of the upside move,” pointing to August’s sideways trading as a setup rather than a top.
Sept. 15’s Senate cloture vote on the CLARITY Act, scheduled for 2:15 pm ET, is the next scheduled event this market has to digest.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
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