Ethereum recorded approximately 475,000 ETH in outflows across four major exchanges between June 4 and June 7, according to CryptoQuant data. The withdrawals occurred as ETH tested $1,520 before recovering to $1,650. Binance reserves fell 190,000 ETH, Bitfinex 180,000 ETH, OKX 84,000 ETH, and Gemini 21,000 ETH. The outflows coincided with Ethereum breaking below its February support zone of $1,800-$1,900.
Four Exchanges Record Combined 475,000 ETH Reserve Decline Between June 4-7
Binance reserves declined from 3.87 million ETH to 3.68 million ETH between June 4 and June 7, representing a reduction of approximately 190,000 ETH. Bitfinex reserves fell from 2.67 million ETH to 2.49 million ETH over the same period, shedding 180,000 ETH. OKX recorded reserves dropping from 424,000 ETH to 340,000 ETH between June 4 and June 7, a decline of approximately 84,000 ETH representing nearly 20% in three days. Gemini reserves decreased from 541,000 ETH to 520,000 ETH between June 5 and June 7, contributing an additional 21,000 ETH to the total outflow.
CryptoQuant analysis identified the synchronization of reserve declines across the four platforms during the same three-day window as a market structure signal. The combined 475,000 ETH reduction occurred during the period when Ethereum was testing its lowest price levels.
Ethereum Breaks Below February Support Zone During Price Drop to $1,520
Ethereum tested a local low near $1,520 before recovering to the $1,650 level. The price decline carried ETH below the February support zone of approximately $1,800-$1,900, a level that had acted as support throughout recent months. Volume increased during the selloff, while the current recovery is occurring alongside reduced selling volume according to chart analysis.
Ethereum remains below the 50-day, 100-day, and 200-day moving averages on the daily chart. The first resistance level sits near $1,800, followed by the former support zone around $1,900.
FAQ
What happened to Ethereum exchange reserves between June 4 and June 7?
Approximately 475,000 ETH left four major exchanges during this period. Binance reserves declined by 190,000 ETH, Bitfinex by 180,000 ETH, OKX by 84,000 ETH, and Gemini by 21,000 ETH according to CryptoQuant data.
Why did Ethereum's price drop to $1,520?
Ethereum broke below its February support zone of $1,800-$1,900 during the decline. The price tested $1,520 as a local low before recovering to $1,650, with volume surging during the selloff phase.
What technical levels are significant for Ethereum now?
The first major resistance sits near $1,800, followed by the former support zone around $1,900. Ethereum currently trades below its 50-day, 100-day, and 200-day moving averages on the daily chart.
