Over 1 Million Ethereum Withdrawn From Exchanges in Two Weeks

Ethereum is experiencing a correction after an 85% price surge since late June, pulling back approximately 13% from a local high of $3,940. Analysts debate whether this retracement represents a healthy consolidation or indicates a shift in market momentum.

On-chain data shows significant Ethereum withdrawals from exchanges, indicating aggressive accumulation by investors.
Over 1 million ETH were withdrawn in the last two weeks, reducing liquid supply and historically correlating with long-term bullish price action.
Ethereum maintains strong demand in DeFi, stablecoins, and Real-World Asset (RWA) tokenization.
The current trading price of ETH is around $3,391, testing critical support levels.
If bulls do not defend the 50-day SMA at $3,462, the next support level could be around $2,852.

Despite recent volatility due to US job data, many analysts view the correction as a buying opportunity before a potential upward trend resumes.