More than 116,000 ETH were withdrawn from crypto exchanges over two days, according to analyst Ali Martinez, reducing the amount of Ethereum immediately available for trading. The withdrawn tokens were valued at approximately $300 million at the time of the analysis.
Exchange withdrawals can reduce sell-side pressure, though such movements do not necessarily indicate accumulation, as assets may also be moved for staking, custody, or other purposes. The timing of these withdrawals coincides with Ethereum making another attempt to break above the $2,500 threshold.
Trading Range and Momentum
Ethereum has traded between $2,370 and $2,530 since a breakout in late August, when the asset surged from $1,900 to the upper boundary. However, the asset has been unable to sustain breaks above $2,530 and has faced repeated rejections that pushed the price toward $2,400 or slightly lower.
Martinez noted that Ethereum appears to be gradually rebuilding momentum, with directional confirmation expected from an hourly close outside the current range. The analyst assessed that current price structure favors buyers.
Price Targets
If Ethereum breaks through $2,530, Martinez identified the next immediate target at $2,700. Beyond that, the next target would be $2,822, described as a major supply zone where more than 10 million tokens were previously transacted. This level could trigger a rejection or slow the asset's advance.
Support for the asset exists around $2,475, where approximately 2.86 million ETH have previously changed hands. As long as this level holds, the path toward higher targets remains relatively clear.
ETF Inflows
Ethereum ETFs experienced net inflows of $218.41 million over the past week, with cumulative net inflows exceeding $1 billion over the past two weeks. Ethereum ETFs have been in the red only once weekly since the beginning of July, with that instance marked by modest net outflows of $2.26 million.
