Key Takeaways

Is Ethereum setting up for a major breakout?

Yes, steady exchange outflows and strong price support above $4,400 point to a potential supply squeeze.

What level could confirm the next rally?

A decisive breakout above $4,952 could send ETH toward the $6,000 mark.

Is Ethereum [ETH] preparing for its next big move?

The first altcoin has been leaving exchanges like Binance [BNB], so that means traders aren’t in a hurry to sell.

With prices holding steady above $4,400 and exchange balances thinning out, the setup looks ready for a potential supply squeeze.

If ETH manages to break past its old ATH near $4,950, some analysts believe the next stop could be $6,000.

Strong holding sentiment

Ethereum’s exchange netflows on Binance have stayed mostly negative between July and October 2025, according to a CryptoQuant report by PelinayPA.

This means more ETH has been leaving the exchange than entering; a sign that holders are reluctant to sell.

During the same period, ETH’s price climbed from around $3,000 to $4,400, supported by shrinking exchange balances.