Ethereum Outflows Top 40,000 ETH Daily as Price Nears ATH
Ethereum (ETH) has surged to multi-year highs around $4,700, approaching its all-time high near $4,860. On-chain data from CryptoQuant shows sustained exchange outflows, with the 30-day simple moving average (SMA30) registering daily withdrawals of 40,000 ETH. This negative netflow indicates strong buying pressure as holders move coins off exchanges into private wallets, staking contracts and DeFi protocols, reducing sell-side supply. Over the past month, 1.2 million ETH left exchange accounts, marking one of the largest accumulation trends in recent history. Technically, ETH trades above its 50-, 100- and 200-week SMAs, confirming a robust long-term uptrend. The decisive break above $3,860 earlier in August now supports a run toward price discovery. If bulls overcome resistance at $4,860, Ethereum could enter uncharted territory, potentially accelerating momentum as traders and institutions join the rally. For now, solid on-chain metrics and technical strength favour further upside for Ethereum.
Bullish
Ethereum’s sustained 30-day negative netflow average of -40,000 ETH indicates strong accumulation and reduced sell-side pressure. The withdrawal of 1.2 million ETH from exchanges in a month signals holder conviction and limits available supply. Combined with ETH’s position above key moving averages and a confirmed breakout above $3,860, these on-chain and technical indicators point to continued bullish momentum. Historically, similar extended outflow trends preceded major rallies, as seen in late 2020 when exchange withdrawals catalysed a sustained uptrend. A decisive breach of the all-time high at $4,860 could trigger price discovery and draw in additional institutional and retail buyers. Short-term pullbacks may occur around resistance levels, but the overall outlook remains positive with strong demand and technical support driving further upside.