Peter Smith
Ethereum dips slightly but massive exchange withdrawals and strong ETF inflows suggest ETH price has more room to run.
Ethereum (ETH) is trading at $3,786, down 3.7% from yesterday's $3,933 peak. Despite this minor pullback, ETH is still up a massive 56% over the past month. While spot volume dropped 12.2% to $26.1 billion, futures volume tells a different story – jumping 28.33% to $111.23 billion according to CoinGlass data.
ETH Price Benefits from Massive Exchange Outflows
Here's the big story: analyst Ali Martinez reported that over 1 million ETH left exchanges in the past 30 days. When coins move off exchanges, it usually means long-term holding, which reduces selling pressure and often leads to price increases.
Meanwhile, Ethereum ETFs pulled in $65.14 million on July 28 alone, bringing July's total inflows to over $5.1 billion. This institutional backing provides solid support even during short-term volatility.
Technical Analysis Shows Mixed ETH Price Signals
Ethereum is trading above all major moving averages, which is bullish. But the RSI hit overbought levels at 74.6, and the stochastic oscillator is near 89 – both suggesting ETH might need to cool off before the next leg up.
If ETH pulls back, support sits around $3,680-$3,700. A bigger drop could test $3,480. On the upside, breaking above $3,960 opens the door to $4,000, with potential targets at $4,200-$4,300 if momentum returns.
Peter Smith
