116,000 ETH withdrawn from exchanges in two days as analyst identifies potential bullish breakout above $2,530 resistance.
Macro & Markets ·
More than 116,000 ETH worth roughly $300 million were withdrawn from exchanges over two days, according to analyst Ali Martinez, reducing the immediate supply available for trading. While exchange withdrawals can reflect various activities beyond accumulation—including staking, custody transfers, or other uses—the timing coincides with Ethereum's renewed attempt to break past resistance. Ethereum has traded between $2,370 and $2,530 following a surge from $1,900 in late August, though it has faced repeated rejections at the upper boundary.
Martinez identified potential upside targets contingent on a sustained break above $2,530. The immediate target sits at $2,700, followed by $2,822—a level where more than 10 million ETH previously traded and could act as a major resistance zone. Support anchors around $2,475, where roughly 2.86 million ETH changed hands historically. The analyst assessed current price structure as favoring buyers, with directional confirmation expected from an hourly close outside the established range.
ETF inflows add to the bullish backdrop. Ethereum spot ETFs recorded $218.41 million in net inflows last week, bringing two-week inflows to over $1 billion. However, whether these flows persist depends on whether price action confirms the anticipated breakout, and the scale of any pullback from key resistance levels remains uncertain.