Ethereum Price Eyes Breakout as Miner Selling Falls: CryptoQuant

TLDR

• Ethereum miner transfers to Binance have fallen near their lowest level in the past year.
• Lower miner deposits suggest reduced selling pressure on the Ethereum market.
• Ethereum price traded near $1,929 and remained below the key $2,000 resistance level.
• ETH has formed higher lows since recovering from its June low near $1,550.
• The MACD and RSI show mild bullish momentum without overbought conditions.

According to CryptoQuant data, Ethereum miner transfers to Binance have fallen close to their lowest level in the past year. The decline followed a brief rise in June, after which transfer volumes returned near baseline levels by late July.

The drop suggests that miners are sending less ETH to exchanges for possible sale. Lower exchange inflows can reduce immediate supply pressure, although the market still needs stronger demand to support a clear price move.

Miner Transfers to Binance Remain Low

Binance remains a key market reference because it handles large spot and futures trading volumes. Low miner deposits on the exchange show that miners are not adding much selling pressure at current levels.

Source: CryptoQuant 

Miners often create steady market supply when they move coins to exchanges. With fewer transfers now taking place, buyers face less new ETH entering the market. This setup can support price stability during periods of weak demand.

Ethereum Price Holds Below $2,000

Ethereum price traded near $1,929 on the daily chart after rising about 0.17%. ETH has recovered from its June low near $1,550 and has formed a steady pattern of higher lows.

However, the asset still trades below the $2,000 level. That area remains the main resistance zone. A confirmed move above it could open the way toward $2,050 and $2,100.

The MACD line stands near 40.99, while the signal line sits at 39.77. The histogram remains positive at 1.22, showing that buyers still hold a small momentum advantage.

Source: TradingView

The narrow gap between the MACD lines shows that buying strength has slowed near resistance. The RSI stands near 58.91, which keeps ETH above the neutral 50 level without entering overbought conditions.

Institutional Demand Could Drive the Next Move

The current supply setup supports Ethereum price because miner selling pressure remains low. Even so, weak demand has kept ETH within a narrow range and limited a stronger breakout.

A new wave of institutional buying could provide the demand needed for an upside move. Until that happens, traders may continue watching the $2,000 resistance level and the $1,880 to $1,900 support zone.

Institutional inflows could also improve spot market liquidity and strengthen buying activity. Sustained demand would help ETH hold above resistance and build a firmer recovery structure over coming sessions.

A break below support could expose ETH to a pullback toward $1,800. Holding that zone would keep the current recovery pattern active while the market waits for stronger institutional participation.

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