The Ethereum price has had some of the most interesting price action yet in 2025, dropping to a low of $1,500 early this year. The ‘king of altcoins’ has since hit a new all-time high at $4,946, outperforming most large-cap crypto assets along the way.
As a result of the market-wide downturn, Ethereum price has caused pain among investors, falling double digits to around $3,750 on Friday, October 10. However, this latest spike in volatility has raised the question: does ETH still have some fuel left in the tank, or is the altcoin done in this cycle?
ETH Exchange withdrawal count in downtrend: Alpharactal
In a recent post on shared an interesting insight into the current outlook for the Ethereum price. According to the blockchain platform, the price of ETH does not appear to have reached its peak in the current cycle.
This price evaluation is based on the Exchange Withdrawal Count metric, which measures the number of crypto withdrawals made through an exchange over a given period. This indicator provides insight into the volume of a cryptocurrency (in this case Ethereum) leaving a centralized exchange.
Alpharactal revealed that the spikes in withdrawals on the exchange often coincided with Ethereum price spikes. This means that investors tend to withdraw their assets from exchanges as the price of ETH rises to new highs during the previous bull runs.
Source: @Alphractal on X
However, Alpharactal highlighted a deviation from this historical pattern following Ethereum’s latest run to a new all-time high. According to the on-chain company, withdrawals to the exchange have been steadily declining – instead of rising – as the Ethereum price moves to a new high.
Ultimately, Alpharactal suggested that this deviation from the usual trend could be a signal that Ethereum price has not yet reached its peak in this cycle. Nevertheless, the on-chain company noted that the second-largest cryptocurrency is also about to see a historic exception, especially considering the recent price drop.
Ethereum price at a glance
At the time of writing, ETH’s price is just above $3,700, reflecting a 3% decline in the past 24 hours. According to data from CoinGecko, the value of the altcoin 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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