Ethereum has reclaimed the multi-year uptrend after spending sometime out of its course. The price bounced back above this level after ETH withdrawals on Binance reached a 3-year high. With the increase in withdrawal, the ETH/BTC equilibrium has also made a significant move.
ETH gains 13 percent reclaims multi-year trend line
Ethereum is up by nearly 3 percent during the past 24 hours as the coin trades around $1,746 at the time of writing. The coin rose from $1,550 to $1,750 during the course of the last 7 days, printing an increment of nearly 13 percent. With this spike in price, ETH is back above the multi-year trendline, which is a good sign.
ETH reclaiming its multi-year trendline is a bullish sign because it restores a key long-term support level after weeks of trading below it. The move suggests buyers have regained control and the broader uptrend may be resuming. However, ETH needs to hold above the trendline to confirm the breakout.
This reclamation of this major support level comes as the withdrawal of ETH on the Binance exchange hits a 3-year high. Since its last top in August 2025, Ethereum is showing a drawdown of around 67 percent, roughly 15 percentage points deeper than Bitcoin’s correction over the same period.
Binance records 166,000 ETH withdrawal transaction in single day
The sudden surge in exchange withdrawals suggests that several underlying factors may be encouraging ETH holders to move their coins off exchanges. The 166,000 withdrawal transactions in a single day could reflect genuine demand building around the $1,500 level. Exchange withdrawals often signal that investors are accumulating ETH rather than preparing to sell it.
By moving their holdings off exchanges into private wallets, they reduce the amount of ETH readily available for trading, which can ease short-term selling pressure. The surge in withdrawals around the $1,500 level suggests that many investors view this price as an attractive buying opportunity.
In addition, it also could be that investors are putting their coins into DeFi, which could earn them some yield rather than letting them sit idle on the exchange. Some of the coins could have been withdrawn out of fear and panic, with Markets in Crypto-Assets Regulation (MiCA) requirements taking effect on July 1.
As the transition period for crypto providers in the European Union comes to an end, crypto asset providers without a MiCA license will be banned from offering services to their clients in the region. With such a law taking effect, many holders could have taken their holding off of the exchange before it got frozen.
ETH/BTC pair downtrend ends
With all these factors playing in the background, ETH has not only reclaimed ground above the multi-year support, but also the coin is strengthening against Bitcoin.
According to analyst Michael van de Poppe, the ETH/BTC pair has made a clean breakout. In addition to this, the pair’s downtrend is coming to an end, and this could also mean that the altcoin season is coming soon.
