Ethereum’s Price Breaks $2,400: Exchange Netflow Points to Further Growth

Ethereum’s Exchange Netflow Indicator Signals Bullish Momentum

  • Exchange Netflow: Tracks the net amount of Ethereum entering or exiting centralized exchanges.
  • Positive Value: Indicates more inflows than outflows, potentially leading to selling pressure.
  • Negative Value: Indicates more outflows than inflows, suggesting accumulation for long-term holding.

Recent Trend in Ethereum Exchange Netflow:

  • 14-day EMA: Mostly negative, indicating a bullish trend.
  • Negative Spikes: Significant net withdrawals, suggesting whale involvement.

Ethereum’s Price Action:

  • Recovery: Ethereum has recovered above the $2,400 level.
  • Potential for Further Upside: Continued negative netflow may lead to further price increases.
  • Watch for Positive Spikes: Positive spikes in netflow may indicate selling pressure and potential local tops.

Current Ethereum Price:

  • $2,420: Up over 6% in the past week.