Overview

• ETH pushed past $4,400 and is trading in the mid-$4,000s, with traders eyeing resistance near $4,500 and interim support around $4,400 and $4,250.
• Exchange balances have fallen sharply as Alphractal’s exchange flow gauge turned negative, signaling a supply squeeze that could magnify price swings.
• On-chain activity hit multi-year highs with roughly 1.6–1.7 million daily transactions and about 422,000 active addresses, pointing to renewed real-user demand.
• Derivatives participation jumped, with Ethereum perps volume reaching $1.268 billion on Oct. 1 and futures metrics climbing, while some trackers noted recently negative funding rates.
• Flows and positioning look mixed as spot ETFs saw roughly $796 million of outflows over five days last week before three straight sessions of net inflows, and whale wallets moved large tranches to exchanges near the $4,505 resistance for profit-taking.