Ethereum price saw one of the most interesting price movements so far in 2025, falling to $1,500 at the start of the year. The “king of altcoins” has since reached a new all-time high at $4,946, while outperforming most large-cap crypto assets along the way.
Due to the overall market slowdown, the price of Ethereum caused difficulties for investors, falling by double digits to around $3,750 on Friday, October 10. However, this latest spike in volatility has led to the question: does ETH still have fuel in the tank, or is the altcoin finished in this cycle?
Number of withdrawals from ETH Exchange in a downtrend: Alphractal
In a recent article on X, market analysis firm Alphractal shared an interesting on-chain insight into the current Ethereum price outlook. According to the blockchain platform, the price of ETH does not appear to have peaked in the current cycle.
This price assessment is based on the Exchange Withdrawal Count metric, which measures the number of crypto withdrawals made on an exchange over a certain period. This indicator provides insight into the volume of a cryptocurrency (Ethereum, in this case) flowing out of a centralized exchange.
Alphractal revealed that spikes in the number of exchange withdrawals often coincided with Ethereum price peaks. This means that investors tend to withdraw their assets from exchanges as the ETH price reaches new highs during previous bull runs.
Source: @Alphractal on X
However, Alphractal highlighted a deviation from this historical pattern following Ethereum’s latest run to a new all-time high. According to the on-chain company, the number of exchange withdrawals has seen a steady decline, rather than an increase, as the Ethereum price heads towards a new high.
Ultimately, Alphractal suggested that this deviation from the usual trend could be a sign that the Ethereum price has not yet peaked in this cycle. Nonetheless, the on-chain firm noted that the second-largest cryptocurrency could also be on the verge of a historic exception, especially considering the recent price drop.
Ethereum price at a glance
At the time of writing, the ETH price sits just above $3,700, reflecting a 3% decline over the past 24 hours. According to data from CoinGecko, the value of the altcoin has fallen by more than 16% over 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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