Ethereum Continues to Leave Exchanges
According to on-chain data, Ethereum’s price has broken past the $2,400 barrier, signaling a bullish trend. The exchange netflow indicator, which tracks the net amount of Ethereum entering or exiting centralized exchange wallets, shows that investors have been making net withdrawals from these platforms. This suggests that investors may be accumulating Ethereum for the long-term, indicating a bullish sentiment for the cryptocurrency’s value.
Potential Upside for Ethereum
The recent negative netflow values and significant negative spikes in Ethereum’s exchange netflow indicator indicate that investors have been consistently withdrawing their holdings from exchanges. Despite this, Ethereum has observed a recovery below the $2,400 level. This suggests that there may still be potential for further upside as investors continue to accumulate Ethereum.
Watching for Positive Spikes
Positive spikes in the exchange netflow indicator may indicate a shift in sentiment and could potentially cause Ethereum to reach at least a local top. Therefore, it is important to monitor any changes in the netflow values.
Ethereum’s Current Price
As of now, Ethereum is trading at around $2,420, showing a more than 6% increase over the past week.
Hot Take: Ethereum’s Bullish Signal Strengthens as Exchange Netflow Indicator Shows Accumulation
On-chain data reveals that Ethereum’s price has broken through the $2,400 barrier, signaling a bullish trend. The exchange netflow indicator indicates that investors have been consistently withdrawing their holdings from exchanges, suggesting accumulation for long-term investment. Despite this negative trend, Ethereum has seen a recovery below $2,400, indicating potential upside. Monitoring positive spikes in the exchange netflow indicator is crucial as they may indicate a local top. Currently trading at $2,420, Ethereum has shown a 6% increase over the past week.
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