ETH Token Faces 4.64% Drop as Over $82M Exits Exchanges, Market Eyes Potential Breakout

Ethereum (ETHUSDT) is currently trading at $2,436.10 on Binance, reflecting a 4.64% decline over the past 24 hours from an opening price of $2,554.66. The recent price drop is primarily attributed to a sharp sell-off observed on June 17, where ETH fell by 5.7% amid high trading volumes exceeding 560,000 ETH, coupled with over $82 million in net outflows from spot exchanges in the last 48 hours. These outflows indicate that large holders and institutions are moving ETH into self-custody, reducing immediate selling pressure but also contributing to short-term price volatility as liquidity on exchanges tightens. Despite subdued price action and range-bound trading between $2,500 support and $2,580–$2,600 resistance, the market remains active with 24-hour trading volumes reported between $21.82 billion and $43.70 billion. Overall, Ethereum’s market is characterized by significant long-term accumulation, anticipation of options expiry, and cautious optimism for a potential breakout as supply on exchanges continues to decrease.