Ethereum price is facing a key technical test after more than 116,000 ETH, worth nearly $300 million, moved out of centralized exchanges within 48 hours. The large decline in exchange-held supply has raised expectations of a major price move, although ETH remains below an important resistance area.
During the reporting period, Ethereum was trading at $2,491.44 with a 24-hour trading volume of $20.74 billion and a market capitalization of $304.01 billion. ETH accounted for approximately 11.24% of the total crypto market, while its price had dropped by 0.15% over the past 24 hours.
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Exchange Outflows Point to Lower Selling Supply
According to a recent post by crypto analyst Ali Charts, more than 116,000 ETH have been taken away from exchanges over the last two days. With an approximate price of $2,500 per each token, the transfer represents approximately $300 million in value.
Withdrawing a significant number of tokens from exchanges can reduce the amount of ETH available for sale. However, withdrawals do not necessarily indicate that investors are planning to HODL their tokens because they can be withdrawn from exchanges for staking, custody and other reasons.
This development also happened after another large holder moved 167,855 ETH worth approximately $408 million towards exchanges in several days. Despite that selling-related action, the ETH price managed to stay above the $2,400 area indicating that the demand successfully absorbed the selling pressure.
Ethereum Price Tests Key Technical Resistance
From a technical perspective, Ethereum price remains caught between support and resistance. Ali Charts identified the $2,530-$2,540 region as a strong resistance zone after ETH faced rejection near those levels.
The analyst also highlighted a fair value gap between $2,480 and $2,520 as a possible retest area. A sustained move above $2,530 could improve the short-term setup, while failure to reclaim the zone may keep sellers active.
On the downside, $2,434 is the first highlighted target, followed by $2,385. The broader support area sits around $2,375-$2,385. A sustained break below these levels could weaken the recovery and increase downside pressure.
Recent market analysis also places the wider resistance area around $2,515-$2,560, making this zone particularly important for the next directional move.
What Comes Next for ETH?
Ethereum’s next move will likely depend on whether exchange outflows continue while price attempts to reclaim resistance. Continued withdrawals could reduce immediate selling supply, but ETH still needs stronger buying pressure to turn the current setup into a confirmed breakout.
For now, the key levels are clear: holding above $2,480-$2,490 would keep the recovery structure intact, while a decisive move above $2,530-$2,540 could strengthen the bullish case. Conversely, a break below $2,434 would shift attention toward the $2,385 support zone.
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