ETH’s Flow Remains Negative as Ethereum Co-Founder Makes Notable Deposit
ETH, the native cryptocurrency of the Ethereum blockchain, has continued its upward trajectory, surpassing the $2,500 mark. However, despite this positive trend, the netflow of ETH from exchanges remains negative.
Recent data from Lookonchain revealed that Jeffrey Wilcke, one of the co-founders of Ethereum, made a significant deposit of 4,300 ETH into an exchange. This marked his first deposit since June 2023. In the previous deposit, Wilcke added 22,000 ETH, valued at approximately $41.1 million, when ETH was priced at $1,872 per token. As of now, his wallet retains a balance of 46,000 ETH, with a market value of around $362 million.
Despite this substantial deposit, the netflow metric on CryptoQuant’s platform indicated a continued outflow of ETH from exchanges. On February 10th, over 9,800 ETH left the exchanges, contrasting with the previous day when more than 75,000 ETH flowed in. As of now, an additional 3,000 ETH have left the exchanges.
Wilcke’s strategic timing aligns with the ongoing surge in ETH prices over the past three days. ETH’s positive trend is evident on the daily timeframe chart, where it is currently trading above $2,500. Both the Short Moving Average (yellow line) and the Relative Strength Index (RSI) point to the strength of this upward momentum.
Furthermore, the RSI recently crossed the 60 mark and is moving towards the overbought zone, indicating a strong bull trend. If this metric continues to surge, ETH’s prices are expected to rise further, bringing much-needed volatility after a period of stagnancy.
ETH’s performance in the market remains significant, and investors closely monitor its movement. With the recent deposit by the Ethereum co-founder and the ongoing positive momentum, the cryptocurrency’s outlook appears promising.
Analyst comment
Positive news: ETH’s price surpasses $2,500 and co-founder Jeffrey Wilcke makes a significant deposit of 4,300 ETH into an exchange.
Neutral news: Despite Wilcke’s deposit, the netflow of ETH from exchanges remains negative.
As an analyst, I predict that the market will continue to experience upward momentum as the positive trend in ETH’s price is expected to bring further volatility and potential price increases.
