Ethereum Tops $2.74K as Binance ETH Withdrawal Hits 3Y High
Ethereum is up 1.52% to $2,740.16 in 24h, closely tracking a broader market rally driven by a Bitcoin-led short squeeze and record inflows into institutional ETFs.
With a $21.64 billion transaction value in 24 hours, ETH trading volume rose about 28% as institutional capital continues to rotate into top digital assets.
The move was ignited by Bitcoin, which surged past $85,000. This breakout triggered a massive wave of short liquidations—over $648 million across the market in 24 hours, including $157.97 million in Ethereum shorts.
Driving the momentum, U.S. spot Bitcoin ETFs saw nearly $1 billion in net inflows on Monday, their largest daily haul since October 2025.
Ethereum’s rise was less about its own catalysts and more about capital flooding into crypto via Bitcoin, creating a rising-tide-lifts-all-boats effect amplified by forced buying from liquidated shorts.
While not the primary driver, underlying demand strengthened ETH’s rally. Data shows a “strong wave of accumulation,” with the monthly average of ETH withdrawal transactions from Binance exceeding 90,000—the highest level in three years.
Furthermore, two whales invested a combined $106.4 million into ETH over five days, with one staking the entire amount. Large investors are moving ETH off exchanges into long-term storage, reducing immediate sell-side pressure and signaling bullish multi-month outlooks.
The immediate path hinges on Ethereum holding key technical levels. A daily close above the recent swing high of $2,805.5 would open the door to the $2,950–$3,000 resistance zone.
The critical near-term event is the weekly candle close on September 27; a close above $2,672 would confirm the breakout’s sustainability.
The short-term bias is cautiously bullish but overextended, with the 14-day RSI at 72.18 indicating overheated conditions. The $2,616 support level; losing it could trigger a correction toward the 38.2% Fibonacci retracement at $2,633.
Ethereum’s gain is powered by macro-driven crypto inflows and a derivatives squeeze, with solid on-chain accumulation providing a supportive floor.
Ethereum gained 6% to trade above $2,730, continuing a strong three-month rally. The move coincided with on-chain data showing ETH withdrawals from Binance have reached a monthly average of over 90,000 transactions–a pace not seen since 2023.
Analysts interpret sustained movement off exchanges as a sign of long-term holding, which reduces readily available sell-side supply.
This is bullish for ETH because it suggests a structural shift toward accumulation rather than speculative trading. However, caution is warranted as withdrawal counts don’t confirm the ultimate destination; coins could be moving to other custodians or protocols. Ethereum Succumbs to Pressure, Price Dips Below $2.4k
