Ethereum (ETH) traded largely flat on Friday, with the second-largest cryptocurrency by market capitalization showing limited movement despite gaining nearly 3% over the past week.
Meanwhile, the muted price action comes as more than 116,000 ETH have reportedly been withdrawn from cryptocurrency exchanges in just 48 hours. The tokens are worth nearly $300 million at current prices, according to crypto analyst Ali Martinez.
A sustained decline in exchange-held ETH can reduce the amount of the cryptocurrency immediately available for selling. While withdrawals alone do not guarantee a price increase, the movement has drawn attention because Ethereum is already trading within a relatively tight range.
The analyst said Ethereum has been consolidating between approximately $2,370 and $2,530 since August 26. He expects the next major move to become clearer once ETH records an hourly close outside this range.
However, a break above $2,530 could strengthen the bullish setup and potentially send Ethereum toward $2,700, according to Martinez. The combination of compressed price action and declining exchange balances could therefore provide a catalyst if buying pressure increases.
Focus is now shifting to the key levels that could determine Ethereum’s next move. Analyst Daan Crypto Trades noted that ETH has remained just above its breakout point while moving within a narrow range for roughly three weeks. According to him, this prolonged compression could eventually produce a larger move, similar to the initial breakout that preceded the current consolidation.
He also identified the area around $2,350 as a critical level for Ethereum bulls. Holding above that zone would preserve the current structure, while a move below it could turn into a liquidity sweep before ETH returns to the broader range.
On the other hand, $2,550 remains another important level to watch. Daan Crypto Trades said this area has continued to limit Ethereum’s advances, making a decisive move through it significant for determining whether the cryptocurrency can establish a stronger uptrend.
Elsewhere, analyst Michaël van de Poppe also sees the possibility of a substantial upside move if Ethereum continues to defend support. He highlighted the $2,520 area, suggesting that a successful breakthrough could put $3,000 within reach.
Additionally, Crypto Patel maintained a much more bullish long-term view, arguing that Ethereum’s broader trajectory could extend well beyond $15,000. The analyst stated that major dips could represent accumulation opportunities rather than reasons for long-term holders to lose conviction.
That said, with ETH still trading near the top of its recent range, the reported $300 million exchange outflow adds to the bullish setup. Whether the reduced exchange supply translates into stronger price action will depend on how buyers respond around the $2,520 to $2,550 resistance zone.
At the time of writing, ETH traded at $2,436, down 2.89% over the past 24 hours.
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