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Ethereum is trading at $3,786, down about 3.7% from its local high of $3,933 recorded on July 28.
- $ETH is still up 56% in the last 30 days despite a 3% pullback from $3,933 local top.
- Exchange reserves fell by over 1M $ETH in the past month, signaling reduced sell pressure.
- $ETH ETF inflows remain strong, while technicals show bullish momentum with short-term exhaustion.
The move marks a minor retracement after a sharp rally over the past 30 days, with the token still up 56%. While trading volume has dropped 12.2% over the last 24 hours to $26.1 billion, derivatives activity shows sustained market interest.
CoinGlass data shows that Ethereum ($ETH) futures volume jumped 28.33% to $111.23 billion, even as open interest dipped slightly by 1.45% to $57.5 billion.
Rising volume alongside slightly lower open interest typically reflects short-term profit-taking or position rotation without major liquidation events. It suggests that traders are active but not overly leveraged.
1M $ETH withdrawn from exchanges in one month
In the last 30 days, more than 1 million $ETH have been taken out of centralized exchanges, according to a July 28 X post by analyst Ali Martinez. A steep drop in exchange-held reserves usually indicates that investors are shifting assets into non-custodial wallets or cold storage.
More than 1 million Ethereum $ETH have been withdrawn from crypto exchanges in the past month! pic.twitter.com/rP18ToPz7V
— Ali (@ali_charts) July 28, 2025
Frequently seen as an indication of long-term accumulation, this pattern lessens immediate sell-side pressure and may pave the way for future price increases.
In addition, Ethereum spot exchange-traded funds are still a source of strong demand. According to SoSoValue data, July 28 saw $65.14 million in net inflows. Total inflows for July have now crossed $5.1 billion, showing continued interest from institutional investors. This may help stabilize market confidence even in the face of short-term volatility.
Ethereum technical analysis
Ethereum’s strong upward trend is supported by its position above all significant moving averages on the daily chart. Trend alignment over timeframes is confirmed by $ETH trading above its 10-, 20-, 50-, and 200-day EMAs and SMAs.
On the other hand, short-term oscillators show signs of fatigue. The relative strength index has reached overbought territory at 74.6 and the stochastic oscillator is getting close to 89, both of which point to a slowdown in the upward momentum.
These readings suggest that $ETH may experience a brief decline or a period of consolidation before attempting higher levels. The MACD is still bullish with a strong positive crossover, but other indicators, like the stochastic RSI, are flattening, indicating potential hesitancy.
Ethereum is trading close to the upper Bollinger Band, which usually signals the start of a cooling-off period or a price reversion. If that happens, the $3,680–$3,700 range, which corresponds to the 10-day EMA, provides immediate support.
A sustained decline below that might trigger a more significant correction toward $3,480, but either macro pressure or an ETF demand reversal would likely be necessary for such a move.
On the upside, $4,000 would once again come into focus with a confirmed breakout above $3,960. The next leg of $ETH’s move could aim for $4,200–$4,300 if volume picks back up and momentum stabilizes.