Ethereum Sees Record Exchange Withdrawals Ahead of Potential Breakout

Popular cryptocurrency analyst Ali Martinez has identified a significant trend in Ethereum's (ETH) recent price action. According to him, more than 116,000 ETH worth approximately $300 million at current prices have been withdrawn from crypto exchanges over the past two days.

This reduction in immediately available ETH for trading could ease sell-side pressure and potentially pave the way for a breakout above the $2,500 threshold, which Ethereum has been struggling to breach. The asset has traded between $2,370 and $2,530 since its last major price surge at the end of August.

If Ethereum manages to break through $2,530, Martinez believes the next target would be around $2,700, with the following resistance zone located at $2,822. This level marks a significant supply area where more than 10 million tokens were last transacted, potentially triggering a rejection or slowing down the advance.

In addition to the exchange withdrawal trend, Ethereum ETF net inflows have been positive in recent weeks, with the past week's gain reaching $218.41 million and two-week inflows surpassing $1 billion.