Ethereum price has had one of the most interesting price movements so far in 2025, dropping to $1,500 at the beginning of the year. The “King of Altcoins” has since continued to hit new all-time highs of $4,946, outperforming most large-cap crypto assets in the process.
As a result of the overall market downturn, Ethereum prices suffered for investors, dropping by double digits to around $3,750 on Friday, October 10th. However, this recent spike in volatility has raised questions about whether there is still fuel left in ETH’s tank or whether the altcoin is done with this cycle.
The number of withdrawals on ETH exchanges is on a downward trend: Alpharactal
In a recent post on X, market analysis firm Alpharactal shared some interesting on-chain insights about the current outlook for Ethereum price. According to the blockchain platform, ETH price does not appear to have peaked in the current cycle.
This price evaluation is based on the exchange withdrawals metric, which measures the number of cryptocurrencies withdrawn from an exchange over a period of time. This indicator provides insight into the amount of cryptocurrencies (in this case Ethereum) leaving centralized exchanges.
AlphaRactal revealed that spikes in the number of exchange withdrawals often coincide with Ethereum price peaks. This means that investors tend to withdraw their assets from exchanges as ETH prices soar to new highs during the last bull market.
Source: @Alphractal on X
However, Alpharaktal highlighted the departure from this historical pattern after Ethereum hit a new all-time high. On-chain companies say the number of withdrawals on exchanges is steadily decreasing, not increasing, as the price of Ethereum heads toward new highs.
Ultimately, Alphactal suggested that this deviation from the normal trend could be a signal that Ethereum price has not yet peaked in this cycle. Nevertheless, the on-chain company pointed out that the second-largest cryptocurrency could also be about to witness a historic anomaly, especially considering the recent price decline.
Ethereum price overview
As of this writing, the price of ETH is just above $3,700, reflecting a 3% decline over the past 24 hours. According to data from CoinGecko, the value of altcoins has fallen by more than 16% in the past seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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