More than 1 million ETH have been withdrawn from exchanges in the last month, indicating strong accumulation by investors and reducing the pressure of circulating supply. Whale wallets recorded a record inflow of 325,000 ETH on May 12, reflecting bullish sentiment and a potential price acceleration. Analysts are watching for $3,000 for ETH as a golden cross forms and on-chain metrics align with Arthur Hayes' forecast that ETH will outperform Solana. Ethereum recovered more than 50% in May. On-chain data is providing new insights into the changing sentiment of Ethereum investors after the Pectra upgrade. As a result, many analysts now expect higher price levels. This on-chain data includes ETH withdrawals from exchanges, exchange reserves, and ETH whale accumulation. In the last month, all these metrics have reached impressive milestones. CryptoQuant data shows that over 300,000 ETH were withdrawn from Binance alone in the last month. Since the beginning of the year, more than 800,000 ETH have been withdrawn from the platform.
This withdrawal activity occurred not only when ETH prices sharply fell below $1,400 in early April, but also accelerated during the ETH rally above $2,400 in May.
Additionally, the CryptoRank chart illustrates that ETH prices increased while exchange reserves fell, reinforcing the correlation between supply and price. Furthermore, large accumulation addresses recorded their highest inflow in history. Specifically, CryptoQuant reported that on May 12, whales accumulated more than 325,000 ETH, the largest amount recorded in a single day.
When whales accumulate, they often withdraw ETH from exchanges to store it in cold wallets. This reduces the circulating supply and creates upward pressure on the price.
Meanwhile, based on a rare bullish technical pattern that emerged in May, analyst TedPillows predicted that ETH could soon return to $3,000, a key psychological level.