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ETH Ethereum pledges hit a record high, accounting for 35% of total supply, but prices are still difficult to break through resistance.
Ethereum has reached a key milestone in supply dynamics, with approximately 35% of ETH currently pledged in the network. Although this development is significant, the cryptocurrency has failed to transform increasingly tight supply into a lasting driving force for price increases.
Pledged ETH has increased to a historical high
According to data released by Ethereum.org, more than 43 million ETH have been pledged. This level exceeds one-third of Ethereum's total circulating supply, highlighting the holders 'strong commitment to maintaining the security of the Proof-of-Stake (PoS) blockchain. The verification node is responsible for processing transactions and maintaining network integrity, and ETH must be locked in to participate in this role. In return, they receive rewards, but the pledged ETH will not be permanently withdrawn from circulation and can still be withdrawn after meeting the established waiting period.
Its supply impact is significant: more and more tokens are locked in pledge, reducing the amount of ETH available for trading on exchanges. At the same time, the reserve balance held by centralized exchanges continued to show a downward trend, further tightening the immediate liquidity of the market.
Overview of core data
Weak demand constrains ETH price recovery
Coinpaper recently analyzed whether Ethereum's supply situation will ultimately force price changes when new demand emerges. However, transfers of tokens from exchanges do not necessarily lead to price increases, as these tokens may be transferred for various non-trading purposes, including self-custody and pledge.
ETH's weak price coincides with broader regulatory uncertainty and the uneven performance of cryptocurrency-focused exchange-traded funds (ETFs). Although institutional funds returned earlier this week, including a trading session that recorded $121 million in ETF inflows, the recovery has so far failed to trigger a sustained upward trend. Although pledge activity has reached a record high, only a substantial increase in new demand can turn the shrinking liquidity supply into a catalyst for pushing up prices.
Recent price trends are volatile. ETH challenged the $2,600 zone just a few days ago and then fell below $2,400, reminding traders that improving supply conditions alone does not guarantee a bullish outcome. Analysts are currently closely watching whether ETH can regain the $2,400 to $2,500 range, a development that may redirect attention back to the $2,600 resistance zone and, if momentum builds, may even point to the more ambitious $3,000 target.
Outlook depends on market demand
With more than 43 million ETH pledged and exchange reserves at their lowest level in years, Ethereum's price path is increasingly dependent on investor demand. A break through the $2,500 mark could strengthen bullish sentiment, especially if accompanied by renewed interest in ETFs and spot markets.
多个因素继续影响ETH的表现，包括更广泛的宏观经济前景、监管发展以及机构参与度。如果整体需求保持低迷，当前的高质押率可能会伴随价格整合而持续存在。以太坊的历史性质押现在放大了价格对需求冲击的敏感度，使得未来任何新增买入激增的影响都可能比以往更大。
