Exchange Data Shows Mixed Flows
Matrixport, in its September 30 market note, described the current setup as a “critical observation period.” The firm pointed out that in earlier false breakouts, selling pressure proved short-lived and prices rebounded quickly – a pattern it says could be repeating now.
Technicals remain constructive overall, though part of the recent buying may reflect end-of-month positioning ahead of October.
On-chain activity adds another layer to the picture. Coinglass reported that more than 10,000 ETH left centralized exchanges in the last 24 hours, a trend often interpreted as bullish since coins moved off exchanges are less likely to be sold.
OKX led the outflow with nearly 15,700 ETH, followed by Bitfinex and Coinbase Pro. Binance, however, saw the opposite, recording over 5,000 ETH in inflows.
Analysts say the next few sessions will determine whether Ethereum is gearing up for a sustained breakout or setting up traders for another shakeout before climbing higher.
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