Check out why the ETH bulls may have a cause for celebration soon.

Ethereum (ETH) slipped once again below the $3,800 mark, but several factors suggest a substantial price rebound could be incoming. One such element is the reduced number of tokens stored on cryptocurrency exchanges.

On the other hand, some analysts warn that the asset might be poised for an even more severe pullback in the short term.

Shifting to Self-Custody?

The renowned analyst on X, Ali Martinez, revealed that 200,000 ETH have been withdrawn from crypto exchanges in the past 48 hours alone. The USD equivalent of the stash is around $770 million (calculated at current rates).

The development signals that investors have been abandoning centralized platforms and moving their holdings into self-custody wallets, thereby reducing immediate selling pressure.

Earlier this week, the total amount of ETH stored on crypto exchanges dropped to a nine-year low of around 15.8 million coins, while today’s figure is quite close to that level.

It is important to note that Martinez made another clarification on the matter. Just recently, he stated that 230,000 ETH tokens were moved by large holders (possibly exchanges) in the last week. The move may include withdrawals, deposits, internal transfers, or other operations that differ from the other development.

Separately, Ethereum’s Relative Strength Index (RSI) stands clearly on the bullish side (at least as of now). The technical analysis tool, which measures the speed and magnitude of recent price changes, is just north of 30, which puts it close to the oversold zone and poised for a potential surge. Conversely, ratios above 70 suggest the asset is overbought and are considered bearish for the price.

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Do or Die for ETH

As of press time, Ethereum trades at approximately $3,800, down 5% on a daily scale and 8% over the past month. The X user Ted mentioned the drop under $4,000 following the Fed’s decision to lower the interest rates in the US and the US-China trade talks, opining that this is “a classic bear trap or the crypto market is going way lower.” Kamran Asghar chipped in, too, envisioning a possible dip to $3,400-$3,500 before a renewed rally.

Others, like Max Crypto, were much more optimistic, predicting an “up-only” scenario in which ETH would explode to a new all-time high of $7,000. According to the analyst, the asset’s recent performance resembles the pre-pump condition from May this year, which was followed by a substantial surge shortly after.

Meanwhile, whales with a 100% winning rate have recently opened long positions in ETH, sparking speculation that they might know something we don’t.

Ethereum looks shaky at first glance, but Alphractal’s data and van de Poppe’s charts hint the worst may be over.

Ethereum (ETH) has once again slipped below the $4,000 mark as the market plunged after Federal Reserve Chairman’s unexpectedly hawkish remarks on Wednesday. As a result, ETH’s Buy/Sell Pressure Delta has turned negative, while on-chain volume also started to decline.

But Alphractal believes this combination might not be as bearish as it appears.

Real Euphoria Hasn’t Started

According to the latest update shared by crypto analytics firm Alphractal, each time this metric dips below zero, one of two outcomes typically follows: either the price has already bottomed out amid temporary selling pressure, or the market slips into a prolonged downtrend when the Delta becomes deeply negative.

However, the firm explained that the current readings do not indicate a severe downturn similar to the one observed between February and April. Meanwhile, the drop in on-chain volume, which measures the total USD value of ETH transactions, reflects waning public interest. This is a common occurrence during “discouraging” or consolidation phases in the market.

These factors together indicate that Ethereum may be in a phase of quiet accumulation rather than outright decline. Alphractal points out that the combination of social disbelief and a mildly negative Buy/Sell Pressure Delta could imply that broader market euphoria has yet to begin.

“The data tells a story of what’s truly happening on-chain – and if you look closely, things aren’t as bad for ETH as many believe.”

Green Weeks Incoming?

Beyond on-chain data, crypto market analyst Michaël van de Poppe pointed out that Ethereum continues to show strength despite recent market uncertainty. He stated that ETH is firmly holding above a significant horizontal support zone, a price region that has repeatedly served as a solid base during past consolidation periods.

Moreover, Ethereum remains above its 20-week moving average, a widely monitored metric that reflects medium-term market health. Van de Poppe explained that this alignment between price support and moving average stability signals potential bullish momentum forming beneath the surface.

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If ETH maintains these technical levels, he anticipates a shift toward positive weekly closes heading into November, which means that the market could be preparing for a rebound after weeks of range-bound movement and low investor sentiment.