Ethereum is experiencing a significant wave of accumulation, with data showing that monthly withdrawal transactions from Binance have reached their highest level in three years. The monthly average of ETH withdrawals has now exceeded 90,000, approximately double the level recorded at the start of the year, according to analysis from CryptoQuant.
Rising withdrawals from exchanges typically indicate that investors are moving assets into private wallets or custody solutions, often reflecting a longer-term holding strategy. The trend has been described as "fairly sudden" and significant, with accumulation currently outpacing Bitcoin's withdrawal activity from the exchange.
Ethereum has gained 80% over the past three months, rising from $1,510 and trading above $2,700 at the time of reporting. The asset has moved above April's high, demonstrating stronger momentum compared to Bitcoin, which has struggled to maintain firm support above its May high.
Technical analysis indicates that Ethereum's higher-timeframe structure has shifted bullish, with strong buying activity evident from the $2,300 demand area. The asset has reclaimed the $2,483 to $2,584 fair value gap. Analysts identified the $2,300 level as crucial structural support, with $1,647 to $1,744 potentially becoming relevant if the current structure breaks down. The bullish setup remains valid as long as ETH holds $2,360.
On the upside, the next resistance area sits between $2,715 and $2,900, with a larger resistance zone between $3,070 and $3,404.
U.S.-based Ethereum ETFs experienced weakness during the week, with significant outflows on midweek days. The funds saw $141.4 million in outflows on Tuesday, followed by $224.1 million on Wednesday and $39.2 million on Thursday. Monday and Friday provided some relief with inflows of $121 million and $143.8 million respectively. However, these gains were insufficient to offset the midweek losses, bringing August's total ETF inflows below $190 million.
