Ethereum (ETH) closed August on a strong note, gaining more than 23% during the 31-day period. The leading altcoin now appears poised to extend its rally into September, with on-chain data showing a decline in selloffs and a surge in market confidence about its near-term performance. Ethereum Exchange Balances Crash to 2016 Levels According to Glassnode, the total amount of ETH held on exchange addresses has dropped to its lowest level since 2016. As of this writing, 16 million ETH valued at around $70
source: https://beincrypto.com/eth-price-targets-5000-exchange-balances-drop/