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Ethereum rally sees little profit-taking as exchange holdings fall

Ethereum has rebounded about 27 percent, but the amount of ether held on exchanges has fallen, suggesting limited profit-taking. Exchange holdings dropped about 18 percent from 7.69 million ETH in early June to 6.28 million, with roughly 1.4 million ETH leaving exchanges for self-custody wallets and staking protocols. Outflows continued after Aug. 16 even as ETH rose to $2,528, while bitcoin exchange holdings edged up 0.25 percent. Technical resistance remains around $2,497 to $2,585, with $2,600 seen as a key level.