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ETH Ethereum has a deep correction, but Binance withdrawal data reveals a different picture.
After recording a sharp rise in September, the price of Ethereum (ETH) has fallen back to the level of a month ago. The trend comes amid broader market corrections, with the total market value of altcoins missing by more than $110 billion in the past three days. During this period, Ethereum fell 10%, shrinking its market value by more than $38 billion.
However, its reserves on the Binance Exchange fell to a six-month low.
Exchange reserves shrink
CryptoQuant data shows that some investors continue to move their ETH away from trading platforms. During this period, Binhang's reserves of this asset fell from 3.57 million ETH to 3.47 million ETH. Looking back at August, the exchange held approximately 3.92 million ETH units, which means that reserves have fallen by nearly 11.5% since then.
withdrawals also rose sharply. On October 6, Binance recorded more than 320,000 ETH withdrawal transactions in a single day, setting a record high. This trend basically suggests that investors may be more inclined to hold crypto assets in private key wallets for the long term rather than on exchanges. Others may allow their positions to work while waiting for a better selling opportunity.
At the same time, Michaël van de Poppe believes that Ethereum's failure to break through to a higher position may still provide "opportunities" for investors and become an attractive "entry point." BATMAN also said the altcoin may be approaching a critical point for buyers to re-intervene.
Ethereum appears to be testing the lower trajectory of the rising channel, with its Relative Strength Index (RSI) falling to around 23, which is considered a deeply oversold area. If this trend line is maintained, BATMAN pointed out that prices may rebound to $2700, and $3000 will be the next focus.
On the other hand, Ted Pillows pointed out that the altcoin is near its 100-week exponential moving average (EMA), a significant threshold that needs to be watched closely. He warned that if the weekly close fell below that range, it could put further pressure on ETH, pushing its price below $2400.
Continuous losing streak continues
The US-listed spot Ethereum ETF is in trouble after experiencing a strong performance, with capital outflows extending into October. These funds have now recorded net outflows for eight consecutive days. Nearly $580 million has been withdrawn so far this month.
Although outflows do not fully reflect the market's overall picture, they suggest that the market's enthusiasm for such funds has cooled significantly in recent times.
