Ethereum (ETH) reserves on crypto exchanges are seeing a significant decline. Notably, almost 1 million ETH have been withdrawn from exchanges over the past month, strengthening the bull case for ETH in the near-term.
ETH quantity on exchanges slides down
In a Tuesday X post, seasoned crypto analyst Ali Martinez emphasized that almost a million ETH – worth approximately $2 billion – have been withdrawn since June 20, 2026.
The analyst added that falling exchange balances point to reduced sell-side pressure, a trend that can support ETH’s bullish outlook. To note, ETH is currently down more than 61 percent from its all-time high (ATH) of $4,946, recorded back in August 2025.
Meanwhile, crypto analyst CW highlighted that ETH has reached the 100 exponential moving average (EMA). The analyst added that if ETH breaks through the 100 EMA, a rise to 200 EMA could be on the horizon.
An EMA is a technical indicator that tracks the average price of an asset over a given period, while giving greater weight to recent prices, making it more responsive to new market movements than a simple moving average.
Traders use EMAs to identify trend direction, dynamic support and resistance levels, and potential buy or sell signals when different EMAs cross over one another.
Another crypto analyst, Crypto Caesar, shared the following ETH daily chart. The analyst remarked that the second-largest cryptocurrency by market cap has finally broken out of a downtrend – after failing to break the trend in 3 previous instances.
Is ETH about to trap its holders?
Although ETH is seemingly preparing for an uptrend, some analysts are still skeptical about its trajectory. On Monday, analysts stated that ETH rally to $2,000 could well be a bull trap.
Another analyst remarked that following one capitulation event, ETH can finally rally to $2,000 on the back of organic demand. The Ethereum SuperTrend indicator also points toward a bullish rally.
