- On-chain data recorded a 162,084 Ethereum inflow into Binance, the largest single day positive exchange netflow since May 2023
- Crypto analyst Egrag Crypto said that the ETH/BTC pair is in the early stages of a major multiyear bullish reversal
- The analyst pointed out several patterns, with the first one being that the long-term curved support is holding
CryptoQuant reported that on December 5, on-chain data recorded a 162,084 Ethereum inflow into Binance, the largest single day positive exchange netflow since May 2023. At the time, ETH was trading near $3,021.
This is notable because a large positive exchange netflow generally means more Ethereum is being sent to exchanges than withdrawn, which is commonly viewed as a bearish or cautionary signal, a potential sign of investors preparing to sell, and even as a trigger for short-term volatility.
Meanwhile, crypto analyst Egrag Crypto posted on X, arguing that the ETH/BTC pair is in the early stages of a major multiyear bullish reversal. Egrag noted that when Ethereum begins outperforming Bitcoin, it historically signals the beginning of altseason.
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The analyst pointed out several patterns, with the first one being that the long-term curved support is holding. ETH/BTC has bounced from the same support several times, including 2017 and 2020, where each bounce triggered a strong Ethereum rally.
Then, Egrag said that the price has been trading just under a falling line, an important factor for almost eight years. When price sits in a tight range like this, it often builds pressure that eventually leads to a big move. Most of the signs point toward the price finally breaking upward through this line, not dropping further.
1-2-3-4-5 Elliott wave formation
It was also emphasized that the 1-2-3-4-5 Elliott wave completion was forming, where wave 4 seems to be completed. The final fifth wave of upward momentum is now expected to push the price into a key Fibonacci target area between 0.618 and 0.702. Based on past trends, when Ethereum completes this pattern, it often kicks off a major run for other altcoins.
Egrag also states that if Ethereum closes above 0.03990 Bitcoin on a 2-week chart, the probability of altseason surges into the high 80% range.
The analysis indicates that Ethereum is steadily reasserting itself as a market leader. Historically, this transition initiates a predictable rotation of capital, starting with Bitcoin, moving to Ethereum, and then flowing into large-cap cryptocurrencies. It’s then followed by mid-cap assets, and culminating with an altseason.
In the end, the analyst concluded that ETH/BTC has completed its bearish cycle and is entering a major bullish reversal.
Related: Crypto 2026 Outlook Shows BTC Trading Like a Sovereign Asset, Altcoins Like Penny Stock
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