Ethereum traded at $3,500 on Tuesday following the withdrawal of approximately 700,000 ETH from centralized exchanges over the past month. Mister Crypto reports that this massive outflow is a significant shift in exchange supply, as it suggests a decrease in immediate selling pressure among traders. While this could indicate reduced selling pressure in the near term, the token’s price dropped by 2% in 24 hours but still managed a 3% weekly gain. Traders are now weighing whether this sustained pattern of withdrawals signals reduced selling pressure or reflects broader repositioning amongst large Ethereum holders. Technical indicators offer conflicting signals as well.