700,000 ETH Pulled Off Exchanges: What’s Next for Ethereum’s Price?

Ethereum is trading at $3,500 after a 24-hour drop of 2%. Weekly price action remains positive, with a 3% gain.

Over the past month, on-chain data has shown a sharp shift in exchange behavior. Roughly 700,000 ETH has been withdrawn from centralized platforms, according to Mister Crypto. The reduction in exchange supply is now in focus as the market assesses what comes next.

Exchange Outflows Accelerate

Ethereum’s exchange balance has been declining over the past several weeks. Netflow data during this period shows a clear bias toward outflows, with multiple instances of large withdrawals from centralized platforms. The size and frequency of these outflows point to consistent movement of ETH away from exchanges.

Source: CryptoQuant

Although there were moments when inflows appeared, they were smaller and short-lived. These limited inflows did not shift the broader trend. The continued reduction in exchange balances suggests that many holders are removing ETH for long-term storage or other off-exchange use. This pattern often reflects a decline in immediate selling pressure.

Moreover, Ethereum has held support between $3,000 and $3,400, a range where large holders became active. As reported earlier, some whales began accumulating ETH when the price reached $3,200. If this range holds, targets between $4,500 and $4,800 remain possible.

At the same time, not all large wallets are showing the same behavior. According to Ali Martinez, 23 of the top ETH holders either sold or restructured positions over the past week. The split between accumulation and distribution has added uncertainty to the near-term outlook.

Price Structure Faces a Crossroads

The Long Investor shared a chart showing a five-wave Elliott pattern, with ETH potentially starting the final upward wave. The move follows a bounce from the 200-day moving average and a break above a falling channel. If the structure continues, the next target sits above $6,000.

In contrast, recent weekly data reviewed by Ali Martinez shows fading momentum. The MACD has crossed below the signal line, and the price has returned to a previous consolidation zone. The current setup shows pressure building, but no clear breakout yet.

Meanwhile, CRYPTOWZRD noted that ETH closed below $3,550, which remains an important resistance level. A break below this area could open the way toward $2,800. If the price climbs above $3,640, it may retest $3,890. For now, intraday movement remains tied closely to Bitcoin’s overall trend.

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