Ethereum price is waking up again, and this time the move does not come from ETFs. In fact, Ethereum ETFs are still seeing outflows.
The real push is coming from something stronger: more ETH is being locked away in staking and long-term holding, and less ETH is sitting on exchanges.
This makes ETH more scarce and gives the Ethereum price a clean path toward $4,000 for the first time in months.
Ethereum Price Rises As ETH Becomes Scarce
Right now, Ethereum is more scarce on exchanges than Bitcoin. Only about 10% of all ETH remains on exchanges, while 14% of BTC is still there.
Exchanges are the main place where people sell. So when fewer ETH coins sit there, there is less selling pressure.
This is a big change.
It shows that more ETH is moving into staking, DeFi, and long-term wallets. Almost 30% of the entire ETH supply is now staked. When a coin is staked, it cannot be sold. It stays locked.
This reduces the amount of ETH traded each day. At the same time, ETH is flowing out of exchanges almost every week. This makes the supply even tighter.
There are whale moves as well. Some whales are selling, and some are buying. But the big picture stays the same: more ETH leaves exchanges than enters them.
One whale even bought more than 30,500 ETH from Binance, while another wallet moved 9,000 ETH to exchanges.
Even with this push and pull, the exchange supply keeps going down. That is why this change gives support to the Ethereum price.
This is the first time Ethereum has beaten Bitcoin in this regard. The cryptocurrency is now the scarcer coin on centralized exchanges. Bullish?
Staking Could Support the Next Rally
The next trigger comes from staking. Many people forget that staking locks ETH for long periods. When millions of coins stay locked, the selling pressure drops.
This is important for the Ethereum price because a tighter supply makes each move stronger. There is also a new possible push. If the Ethereum staking ETF approval happens on Nov. 20, 2025, another wave of ETH could be locked inside ETF staking products.
One analyst said this could bring $10 billion or more in new inflows by early 2026. Even today, before the ETF decision, staking is already removing a huge amount of ETH from trading.
This is why many traders say Ethereum finally has a real foundation for a move to $4,000.
Ethereum Price Faces Key Levels Surface
Ethereum price trades near $3,500 at press time. It has already moved above a strong resistance at $3,444, which shows buyers have control.
The next major barrier sits at $3,912. This level is important because traders reacted to it in the past.
If ETH breaks $3,912, it enters a clearer zone with less resistance. From there, the Ethereum price can push toward $4,000, which is an important psychological level.
Many traders set orders at round numbers because they feel meaningful.
If the price crosses $4,000, the next likely target is $4,102. That could be the short-term top. If buyers stay strong even after that, ETH could later aim for $4,760, which is the next major high.
All these levels depend on one main aspect: how much ETH is available to sell.
With only 10% of ETH left on exchanges and 30% locked in staking, the supply keeps going down. This makes each Ethereum price breakout attempt stronger.