Traders pulled 116,000 ETH worth over $300 million off exchanges in two days even as Fed and Bank of Japan rate hike fears weigh on the market. Ethereum trades within a rising triangle pattern, with a break above $2,520 pointing to $2,690.
Ethereum slipped 0.23% to trade at $2,495 as fears grew that the Federal Reserve and the Bank of Japan will hike interest rates next week. Yet on-chain data shows traders are not rushing to sell.
Ethereum exchange outflows surge
Analyst Ali Martinez said on X that traders withdrew 116,000 ETH from exchanges between September 6 and September 7, coins worth more than $300 million. Martinez said that if the exchange supply keeps shrinking, ether's price could make a major move upward.
Data from CoinGlass shows the exchange balance has dropped to 11.92 million ETH, the lowest reading since August 31. The withdrawals also coincide with rising demand for Ethereum ETFs: data from SoSoValue shows three straight weeks of inflows, reaching $130 million so far in September 2026.
Fed rate hike odds rise ahead of CPI data
Data from CoinGape prediction markets shows 49% of investors expect the Fed to raise rates by 25 basis points at its September meeting, while the CME FedWatch Tool shows 59% of investors expecting the same 25-basis-point hike.
These odds come ahead of US CPI data due September 15, which MarketWatch data shows investors expect to hold at 3.4%, still above the Fed's 2% target. Fed governor Chris Waller has said the FOMC decision will depend on what the August inflation data shows, and rising inflation would raise the odds of a hike.
Ethereum price prediction amid exchange outflows
Ether trades within a rising triangle pattern on the four-hour chart. A move above the triangle's $2,520 resistance could bring a 6.82% surge to $2,690, matching the pattern's height. Martinez also said that if ether holds support at $2,475, where 2.86 million ETH changed hands, the price could climb to $2,800.
The MACD line stays positive, favoring a move to $2,700, but it has crossed the signal line and is now tipping south, suggesting bulls are losing their grip. Meanwhile, the CMF reading of -0.15 shows selling pressure outpacing buying on the four-hour timeframe, so ether's price might first test the triangle's lower boundary before resuming any uptrend.
Source: CoinGape
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