Ethereum (ETH) traders have splintered into two camps as the price slide deepens. Roughly 100,000 addresses deposited to Binance during a panic move, while withdrawals climbed at the same time.

The divided response now stretches beyond on-chain flows. On Polymarket, bettors price both a recovery and a deeper decline as likely outcomes, showing how sharply the market disagrees on Ethereum’s next move.

Binance Deposits Spike as ETH Tests Panic Lows

Ethereum trades near $1,730, down about 1.57% over the past day yet up roughly 7% across the week, according to BeInCrypto Markets. 

The latest drop coincided with escalating US-Iran tensions. The conflict has been a key factor impacting risk assets since March.

Analyst Darkfost flagged that the crypto market is in a “phase of total indecision” amid the geopolitical and macroeconomic tensions.

“Between the US-Iran conflict, whose situation can swing from war to peace within a single week, and the threat of a Fed rate hike in 2026, risk assets like ETH find themselves in a particularly fragile position,” he said.

The analyst noted that in this setup, even minor market fluctuations are prompting “panic moves.” This was demonstrated when Ethereum fell toward the $1,500 level.

Amid that, Binance recorded a series of sharp increases in exchange deposit activity, reaching levels among the highest seen over the past three years. At the height of the sell-off, nearly 100,000 unique deposit addresses transferred ETH to the exchange. 

A rise in deposit addresses generally signals growing sell pressure on the spot market.

Nonetheless, withdrawals told a different story. They increased alongside deposits, suggesting that some holders accumulated ETH while others exited during the weakness. 

“This dual movement reflects a split in how market participants are reading the situation: some are giving in to panic and selling, while others see it as an opportunity to increase their ETH exposure,” Darkfost added.

Polymarket Odds Mirror the Divided Ethereum Sentiment

Indecision also appears in prediction markets. On Polymarket, traders have assigned a 75% chance that ETH will reach $2,000 in 2026 and a 68% chance that it will hit $1,500.

Positioning has shifted quickly. Odds on a $1,500 print rose 23 points recently, while the $1,250 target fell 25 points.

The heaviest activity is clustered on the downside. The $1,500 outcome recorded about $1.33 million in volume, and the $1,000 level roughly $1.26 million, far above the single-digit thousands seen on targets over $2,000.

The odds also reflect where ETH has recently traded. The token slipped below $2,000 in early June and has not reclaimed it since. However, it revisited the $1,500 area twice in the previous month. Those dips reached about $1,505.90 on June 6 and $1,510 on June 26.

The upside target, therefore, sits at a level that ETH lost more than a month ago. The downside, by contrast, marks a zone the market visited. For now, though, the heavier bets point lower, leaving buyers to defend the $1,500 zone.

Source: BeInCrypto