The first altcoin has been exiting exchanges such as Binance, indicating that traders are not rushing to sell. As prices maintain a firm position above $4,400 and exchange balances continue to dwindle, the conditions appear ripe for a possible supply squeeze. Should ETH successfully surpass its previous all-time high around $4,950, certain analysts are suggesting that the next target might be $6,000. A report reveals that Ethereum’s exchange netflows on Binance have predominantly remained negative from July to October 2025.
More ETH has been exiting the exchange than entering, indicating that holders are hesitant to sell. Throughout this timeframe, ETH’s price surged from approximately $3,000 to $4,400, bolstered by diminishing exchange balances. The 30-day SMA of netflows continues to linger below zero, indicating a medium-term supply contraction, while short-term outflows have also shown a slight deceleration. As the availability of tokens for spot selling dwindles, ETH may face a supply squeeze if demand from staking, DeFi, or ETF inflows keeps increasing.
As Ethereum continues its ascent, bolstered by consistent outflows, a significant challenge looms on the horizon. ETH remains below its all-time high, with the recent surge above it two months prior indicating potential but lacking the confirmation of a definitive breakout. The current price is stabilizing just beneath the resistance level. A decisive move past this threshold could signify a venture into new realms, possibly propelling ETH to $6K and even $8K. A clean breakout has occurred from the falling wedge pattern, a bullish setup that frequently precedes significant upward movements.
The next key level to watch is the $4,952 ATH, which currently serves as the main resistance point. A confirmed breakout above this zone could potentially pave the way toward $6,000, aligning with the overall bullish structure observed on higher timeframes. The technical outlook remains firmly tilted in favor of the bulls, provided the price holds above the $4,400 support zone. Bitcoin has reached a new all-time high, driven by robust inflows into ETFs.