Ethereum Price Teeters as Binance Deposits Spike: Capitulation or Bottom?

The Ethereum price is struggling and on-chain data shows a spike in unique ETH deposit addresses on Binance, potentially signaling retail capitulation or margin defense activity. The price remains below major EMAs with bearish momentum intact, but historically, extreme spikes in exchange deposit activity often cluster near exhaustion phases. A reversal may be possible if deposit activity declines and other metrics indicate a shift in market sentiment.