Ethereum Price Soars Past $1,700, Fueled By Heavy ETH Exchange Outflows

Key Insights:

• Ethereum (ETH) price surged above $1,700 as Binance recorded its highest ETH withdrawal activity in more than three years.
• Massive exchange outflows and improving technical indicators suggest investors are accumulating ETH rather than preparing to sell.
• Ethereum’s bullish momentum has increased the risk of a short squeeze, with the next resistance zone sitting around $1,760–$1,777.

The latest Ethereum crypto news underscores recent market shifts. The Ethereum price just ripped higher and cleared $1,700 as traders and holders scooped coins off exchanges in a big way.

The ETH price was up by 6% at its $1,741 press-time price tag, its latest recovery attempt from last week’s lows. ETH has been dropping, hitting a max drawdown of around 67% from its peak in August 2025. This is about 15% deeper than BTC’s correction over the same period.

However, over the past two days, ETH has posted a modest rebound of around 10%, coinciding with the sharpest increase in withdrawal transactions recorded on Binance since March 2023.

Ethereum (ETH) Price Action | Source: TradingView

Binance ETH Withdrawals Hit 3-Year High

Binance on-chain data showed more than 166,000 Ethereum (ETH) withdrawal transactions in less than 24 hours on 3 July. This is the highest in over three years.

CryptoQuant analyst Darkfost thinks this surge in withdrawals could reflect genuine demand building around the $1,500 level. This suggests that investors are choosing to secure exposure and pull their funds off the exchanges.

This pattern typically points toward longer-term accumulation rather than short-term trading.

Ethereum Exchange Transactions | Source: CryptoQuant

Darkfost also thinks the pattern could also partly reflect funds being withdrawn to be redeployed in DeFi in search of yield. This is as opposed to coins being held passively in self-custody.

Either way, the sheer volume of withdrawal transactions remained substantial. A significant share of that Ethereum (ETH) likely represents genuine accumulation.

Ethereum Price Shorts Face Liquidation Risk

In addition to hefty withdrawal volumes, Ethereum price technicals have also flipped bullish. The ETH relative strength index (RSI) pushed above the midpoint on the daily timeframes, which means that selling exhaustion has set in.

Moreover, the CoinGlass futures data confirms solid open interest and recent price action around the $1,700 level with healthy volume. A sustained break higher could trigger cascading short squeezes as leveraged bears get wrecked.

Ethereum Open Interest | Source: Coinglass

ETH price has traded up around 5-6% in the last 24 hours, punching through recent resistance with conviction. The chart shows a clean move off recent lows, reclaiming ground fast on the back of these outflows.

Volumes have supported the breakout without excessive euphoria, which is exactly the kind of move smart money accumulators find appealing.

Ethereum Price Prediction: Next Targets in Play

Ethereum price chart shows a recently mitigated order block around $1729-$1734. The price retraced after collecting the liquidity around that level.

However, a larger bearish order block exists higher around $1760 – $1777, which may pull ETH price to that zone.

This means Ethereum price is poised for another 2.6% move that allows it to reach $1777 before a potential retracement to $1690.

CoinGlass ETH liquidation map tells the same story. There is currently $1.25 billion in cumulative long liquidation leverage compared to only $456 million in cumulative short liquidation leverage.

Such an imbalance means that bullish sentiment is prevailing in the market as traders are expecting more upside.

Ethereum Exchange Liquidation Map | Source: Coinglass

Going deeper into the liquidation map, $1681 is a big support zone for Ethereum price. A lot of longs are waiting for a retracement there so they can be filled.

For now, the ETH price prediction is positive. However, whether this turns into a full reversal or a strong relief rally depends on holding these levels and keeping the outflow train rolling.

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