Ethereum’s price climbed 6% over the past 24 hours to trade above $2,700, extending an 80% rally from the $1,510 level in just three months. According to CryptoQuant, the monthly average of ETH withdrawal transactions from Binance has crossed 90,000 — the highest level seen in three years and roughly double the reading from the start of the year. The data points to a fairly sudden wave of accumulation, with investors moving coins off exchanges into private wallets or custody and taking a longer-term holding approach.
Technical analysts echoed the bullish tone. Crypto Patel said Ethereum’s higher-timeframe structure has flipped bullish after strong buying from the $2,300 demand area. ETH has reclaimed the $2,483 to $2,584 fair value gap, making that zone important for the next reaction. The next upside area sits between $2,715 and $2,900, with a larger resistance zone from $3,070 to $3,404. As long as ETH holds $2,360, the bullish setup remains valid, while $2,300 is the key structural support.
The spot ETF channel, however, reflected mixed conviction. US-traded Ethereum ETFs saw $121 million of inflows on Monday and $143.8 million on Friday, but those were overwhelmed by outflows of $141.4 million on Tuesday, $224.1 million on Wednesday and $39.2 million on Thursday. The weak stretch has pulled August’s ETF inflows below $190 million, showing that ETF flows remain only one piece of the broader demand picture.
On-chain supply dynamics remain complex. A Sept. 21 snapshot showed about $120 billion in staked ETH and $40.4 billion in daily average total value locked across Ethereum layer-2 networks. These are different measurements: staking deposits are not necessarily fresh purchases, and L2 assets do not directly equal ETH demand. L2BEAT’s on-chain-costs data tracks operator payments for calldata, blobs, compute and overhead, while Ethereum’s execution base fee and blob fees are burned separately. Lower execution fees can reduce ETH burn even if network usage grows, meaning total supply impact depends on acquisition flows and fees over time.
