Ethereum outflows hit 4-month high – Why ETH price still risks $2,300

Ethereum [ETH] registered its largest daily exchange outflows in over four months, with 169,770 ETH leaving exchanges as market participants anticipate a potential price rebound. Santiment Intelligence is comparing the recent withdrawals to a similar spike recorded on the 5th of June. Following that period, Ethereum recorded roughly 223,800 ETH in net outflows as its price reached a local bottom. Subsequently, the token staged a strong price rebound, making the later withdrawal spike particularly significant to the prevailing market conditions. For context, substantial exchange withdrawals generally limit the amount of ETH readily available for immediate selling.