Ethereum Withdrawals from Binance Surge to Three-Year High
Ethereum's price surge has led to a significant increase in withdrawals from Binance, with CryptoQuant reporting over 90,000 monthly average withdrawal transactions, the highest level seen in three years. This trend is a strong indication of accumulation, as investors move their ETH away from exchanges and into private wallets or custody solutions.
The data suggests that Ethereum's accumulation is stronger than Bitcoin's, and if withdrawals continue, they could remain an important signal for ETH's market direction in the months ahead. Crypto Patel notes that Ethereum's higher-timeframe structure has flipped bullish, showing a clear change of character on the chart.
The next upside area for ETH sits between $2,715 and $2,900, where additional liquidity could attract buyers. However, if the current structure breaks down, the $1,647 to $1,744 zone could become relevant.