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

The Ethereum value has had probably the most attention-grabbing value actions to this point in 2025, dropping to as little as $1,500 early on within the 12 months. The “king of altcoins” has since gone on to forge a brand new all-time high at $4,946, whereas outperforming most large-cap crypto property alongside the way in which.

As a results of the market-wide downturn, the Ethereum value has precipitated ache amongst buyers, falling by double digits to round $3,750 on Friday, October 10. However, this newest spike in volatility has led to the query — does ETH nonetheless have some gas left within the tank, or is the altcoin achieved on this cycle?

ETH Exchange Withdrawal Count In Downtrend: Alphractal

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

This value analysis relies on the Exchange Withdrawal Count metric, which measures the variety of crypto withdrawals produced from an change over a sure interval. This indicator affords perception into the amount of a cryptocurrency (Ethereum, on this case) leaving a centralized change.

Alphractal revealed that the spikes within the Exchange Withdrawal Count have usually coincided with Ethereum value tops. This implies that buyers are inclined to withdraw their assets from exchanges as the worth of ETH surges to new highs within the earlier bull runs. 

However, Alphractal highlighted a deviation from this historic sample following Ethereum’s newest run to a brand new all-time high. According to the on-chain agency, the Exchange Withdrawal Count has been on a gradual decline—moderately than an increase—because the Ethereum value strikes in direction of a contemporary high.

Ultimately, Alphractal recommended that this deviation from the same old pattern might be a sign that the Ethereum value has not but hit its peak on this cycle. Nevertheless, the on-chain agency famous that the second-largest cryptocurrency is also about to witness a historic exception, particularly when you think about the latest value downturn.

Ethereum Price At A Glance

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