Ethereum (ETH) price saw its largest weekly exchange outflow since Dec. 2022, with $1.8 billion in withdrawals.
Despite ongoing bearish sentiment, the movement suggests accumulation among investors. However, technical indicators reveal a critical resistance level that ETH must reclaim to confirm a price bottom.
Ethereum Exchange Outflows Hit 27-Month High
According to IntoTheBlock, Ethereum outflows from exchanges surged last week, marking the highest withdrawal levels in over two years. The firm noted in an X post that the trend hints at investor confidence despite ETH’s struggle.
“Despite ongoing pessimism around Ether prices, this trend suggests many holders see current levels as a strategic buying opportunity,” IntoTheBlock posted on X.
CryptoQuant’s data echoes a similar trend. Its 30-day simple-moving average for Ethereum netflows has dropped to just 30,000 ETH, a level last seen in late 2022. Back then, the market saw a sharp accumulation phase, followed by a price rebound.
On-chain data also reveals that Ethereum’s market value to realized value (MVRV) ratio dropped to 0.8 for the first time since Oct. 2023. Historically, an MVRV ratio below 1 indicates undervaluation, hinting at a possible accumulation phase.
Ethereum Price Faces Key Technical Test
Ethereum price has struggled since early 2025, consolidating near the $2,000 mark after a sharp correction. Over the last 83 days, ETH has declined by 51%, with an average daily loss of 0.61%.
Technical analyst Mikybull identified a diamond pattern on Ethereum’s four-hour chart, a formation often signalling a bullish reversal. The setup could propel ETH by 20% to $2,600 if validated.
However, ETH’s weekly close below the 200-day exponential moving average (EMA) raises concerns. Historically, Ethereum has rarely traded below this level for extended periods, with previous dips in 2023 leading to swift recoveries. If the price fails to reclaim the trendline, ETH could face an extended period of downside pressure.
Whale Liquidation Risk Adds to Market Uncertainty
Lookonchain data flagged a whale that supplied 65,675 ETH ($135 million) as collateral. A 6.38% decline of ETH to $1,931.83 will trigger the liquidation of the whale’s position leading to faster market sell-offs.
Adding to the bearish outlook, institutional interest in ETH appears to be waning. Spot Ethereum ETFs recorded $120 million in outflows last week, reflecting a decline in investor confidence.
Crypto analyst Ali Martinez reported that Ethereum’s largest whales purchased 330,000 ETH in the past 48 hours, reinforcing the possibility of a near-term bottom.
Ethereum must break above the $2,460 resistance level to regain bullish momentum. Crypto Patel, a well-known trader, maintains a bullish stance, stating,
“I’m Buying $ETH on every dip for $10k/ETH.”
Ethereum’s recent outflows suggest accumulation, but its price remains under pressure. The risk of whale liquidations and institutional sell-offs adds to market uncertainty. To confirm a rebound, ETH needs to break above $2,460 and hold its momentum.
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