Ethereum (ETH) Price: Double-Bottom Pattern Forms as Binance Outflows Hit 3-Year High

TLDR

• ETH is holding above the $1,600 demand zone after forming a double-bottom near $1,500
• A daily close above $1,800 could open the path to $2,160
• RSI climbed to 55.53 and MACD histogram is expanding, both pointing to building buy pressure
• Binance saw $1.23B in weekly ETH net outflows — the highest withdrawal activity in over three years
• Ethereum has outlined a quantum-resistance roadmap targeting upgrades by 2029

Ethereum is trading at $1,766 after gaining roughly 12.5% over the past seven days. The price has recovered from a low near $1,500 and is now approaching a key resistance level that traders are watching closely.

ETH formed a double-bottom pattern around $1,500, a structure that often signals a shift from selling pressure to buying interest. That rebound has pushed price toward the $1,780–$1,800 neckline area.

Analyst Ted Pillows flagged this zone directly on social media. He wrote that the $1,750–$1,800 range is “probably the most important zone for $ETH” right now. He noted that ETH has tried to reclaim this level over recent weeks but has run into aggressive selling each time. A successful break above it, he said, would give buyers momentum over sellers.

A daily close above $1,800 would confirm the bullish reversal and set up targets at $1,900, $2,000, and a measured move toward $2,160. A rejection at this level could send ETH back toward $1,700 or the $1,600 support zone.

Momentum Indicators Back the Move

The RSI has climbed to 55.53, above the neutral 50 level and well off oversold territory. Its moving average sits at 40.53, showing the shift in momentum is still building.

The MACD is also in bullish territory. The MACD line is at -22.84, sitting above the signal line at -53.27. The histogram has expanded to 30.43, which shows buying pressure is growing.

Both indicators point in the same direction, but analysts say Ethereum still needs to close above $1,800 before a sustained uptrend can be confirmed.

Exchange Outflows Signal Accumulation

Binance recorded $1.23 billion in net outflows for the week starting June 29, a 207% jump from around $400 million the prior week. Monthly net outflows reached roughly $3.2 billion.

CryptoQuant analyst Darkfost reported that Binance’s ETH withdrawal transactions hit their highest level in more than three years, with over 166,000 transactions in a single day. The last time activity reached this level was March 2023.

Darkfost said the surge “could reflect genuine demand building around the $1,500 level, with investors choosing to pull their funds off the exchange” — a pattern that typically points toward longer-term accumulation.

Other exchanges also saw outflows. Bitfinex recorded $407.5 million, Gate saw $214.3 million, and OKX posted $87.1 million for the week.

Ethereum’s development team has published a roadmap targeting quantum-resistant upgrades including native STARK verification and new signature schemes to replace ECDSA, with rollout targeted around 2029.

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