$2 billion worth of Ethereum (ETH) has been withdrawn from exchanges over the past month, while the daily chart flashes a bullish signal, with an 11.75% rally on the horizon.
Ethereum (ETH), the world's second-largest cryptocurrency, appears to be the top choice for crypto investors. In fact, institutions have also shown a similar kind of interest and confidence, as massive inflows into U.S. spot Exchange-Traded Funds (ETFs) have been recorded over the past three days.
Recently, a well-followed crypto analyst named Ali Charts shared a post on X, revealing that nearly 1 million ETH worth over $2 billion has been withdrawn from the exchanges over the past month. In crypto, transfers of assets from exchanges or falling exchange reserves typically signal a potential accumulation and suggest buying activity.
In addition, this massive withdrawal from exchanges also has the potential to reduce selling pressure and support a bullish outlook.
However, during this period, ETH price jumped over 10.15% and crossed the $1,950 level for the first time since June 2, 2026.
Besides this growing buying activity, institutions have also shown a remarkable interest in the asset, as reflected in the U.S. spot ETH ETFs. SoSoValue, an analytics tool, discloses that spot ETH ETFs have printed consecutive inflows of $36.55 million, $39.15 million, and $37.47 million over the past three days.
These inflows in spot ETFs hint at growing institutions and Wall Street interest in the asset, which has further strengthened the ETH bullish outlook.
Looking at the daily chart on TradingView, it appears that ETH's recent upside momentum has shifted the short-term bias towards the bullish side. The price has cleared the major hurdle of $1,830, the level that had capped ETH since June 4, 2026. In addition to the breakout, the asset has also tested the breakout level and is now poised for a further upside move.
Based on the current price action, if the ETH price remains above the $1,830 level, the short-term bullish outlook would remain intact. In this scenario, the asset could see an impressive price jump of over 11.75% and may reach the next hurdle near the $2,150 level in the coming days.
On the other hand, the thesis could be invalidated if the ETH price falls below the $1,830 level. In this scenario, the asset could see strong selling pressure and a bearish move.
The technical indicator, Average Directional Index (ADX), for ETH reads 23.85, below the key threshold of 25, indicating weaker trend strength. Meanwhile, the price below the 200-day Exponential Moving Average (EMA) hints that ETH’s broader market structure is bearish, with strong seller dominance.
While on-chain data and ETF inflows point to bullish optimism, derivative datasets tell a different story, as traders' sentiment remains cautious. Coinglass’s ETH long/short ratio falls below 1, and currently it stands at $0.9849, indicating bearish sentiment among the traders.
Whereas $1,902 on the lower side (Support) and $1,958.1 on the upper side (Resistance) are the two major levels in ETH at the moment, as per the exchange liquidation map.
In fact, traders at these levels are over-leveraged and have built $270.19 million worth of long-leveraged positions and $414.79 million worth of short-leveraged positions. These bets are on key levels, suggesting bearish conviction remains stronger than bullish positioning.
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