Ethereum has seen over 7.8 million ETH withdrawn from Binance, contributing to a total of 20.8 million ETH leaving centralized exchanges in two months. Despite this reduction in supply potentially signaling future price appreciation, ETH's price has struggled, currently sitting at $3,858, down 21.1% from its all-time high. Technical indicators suggest a possible short-term decline, with analysts predicting a drop to $3,400, while key support levels are identified at $3,200 and $3,000.