Has Ethereum Price Reached Its Cycle Top Yet? This Metric Says ETH Might Not Be Done

The Ethereum worth has had one of the vital attention-grabbing worth actions up to now in 2025, dropping to as little as $1,500 early on within the yr. The “king of altcoins” has since gone on to forge a brand new all-time excessive at $4,946, whereas outperforming most large-cap crypto belongings alongside the best way.

Because of the market-wide downturn, the Ethereum worth has triggered ache amongst traders, falling by double digits to round $3,750 on Friday, October 10. Nonetheless, this newest spike in volatility has led to the query — does ETH nonetheless have some gasoline left within the tank, or is the altcoin accomplished on this cycle?

ETH Trade Withdrawal Depend In Downtrend: Alphractal

In a current put up on X, market analytics agency Alphractal shared an attention-grabbing on-chain perception into the present outlook for the Ethereum worth. In response to the blockchain platform, the value of ETH doesn’t seem to have reached its peak within the present cycle.

This worth analysis is predicated on the Trade Withdrawal Depend metric, which measures the variety of crypto withdrawals constituted of an alternate over a sure interval. This indicator gives perception into the quantity of a cryptocurrency (Ethereum, on this case) leaving a centralized alternate.

Alphractal revealed that the spikes within the Trade Withdrawal Depend have typically coincided with Ethereum worth tops. Which means traders are likely to withdraw their belongings from exchanges as the value of ETH surges to new highs within the earlier bull runs. 

Supply: @Alphractal on X

Nonetheless, Alphractal highlighted a deviation from this historic sample following Ethereum’s newest run to a brand new all-time excessive. In response to the on-chain agency, the Trade Withdrawal Depend has been on a gentle decline—somewhat than an increase—because the Ethereum worth strikes in direction of a contemporary excessive.

In the end, Alphractal prompt that this deviation from the same old pattern may very well be a sign that the Ethereum worth has not but hit its peak on this cycle. However, the on-chain agency famous that the second-largest cryptocurrency is also about to witness a historic exception, particularly when you think about the current worth downturn.

Ethereum Worth At A Look

As of this writing, the value of ETH sits simply above $3,700, reflecting a 3% decline previously 24 hours. In response to information from CoinGecko, the altcoin’s worth is down by greater than 16% within the final seven days.

The worth of ETH on the every day timeframe | Supply: ETHUSDT chart on TradingView

Featured picture from iStock, chart from TradingView

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