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Reasons Ethereum [ETH] traders may witness short-term gains this weekend

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Ethereum [ETH], at the time of writing, was exchanging hands at $1,341. As of 22 September, the alt concluded a 30% retracement from its September high of $1,789.

A far cry from what many investors expected from its most important month of the year. On the bright side, the alt was trading at a steeper discount and flashing recovery rally signs.ETH may not have retested its 2022 lows but the 30% discount did push it back to mid-July levels.

Another 30% drop will certainly trigger that YTD low retest. Although another crash was still a possibility, ETH’s latest performance suggested that a short-term bullish retracement was in the works.A 30% discount within the last two weeks was large enough to attract a lot of attention and potential accumulation.

ETH exchange outflows registered a sizable increase in outflows. This was the largest outflow registered since mid-June.Source: SantimentRoughly 104,000 ETH flew out of exchanges between 21 and 22 September.

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