- Ethereum’s netflow has become even more positive.
- ETH is approaching the $3,000 price range.
Recent data shows that one of the early Ethereum [ETH] Holders transferred millions of dollars worth of ETH to exchanges.
Although this move was relatively small, it could contribute to the positive trend in Netflow that ETH has been experiencing recently.
Early Ethereum holders sell most of their holdings
According to data from spot on chaina large transfer of 4,153 Ethereum coins to Coinbase occurred in the early morning hours of May 13th.
The transfer, worth more than $12 million at current ETH prices, attracted attention because the wallet it was sent from was one of the initial holders of the asset.
Further analysis revealed that since 2021, this wallet had deposited over 9,000 ETH (equivalent to over $21 million) to the exchange.
At the time of writing, the wallet held 2,566 ETH, worth over $7 million. This recent transfer contributed to the increase in positive net flows observed in Ethereum transactions.
Ethereum inflow increases
Ethereum Netflow chart analysis showed a noticeable increase in PO.Positive blood flow for the past 3 days. However, it appears to be at the highest level observed in recent days.
Netflow for the previous two days was around 4,600 and 3,000, which has jumped to over 18,000 as of this writing.
This spike suggests that foreign exchange inflows have increased significantly over the past 24 hours.
Source: CryptoQuant
Further analysis of the ETH inflow chart reveals that over 83,000 ETH have flowed into the exchange as of this writing.
Considering the influx of 94,000 people recorded yesterday and the influx still continuing, a further increase in activity is likely to be observed by the end of the day.
ETH price and volume are on the rise
Analysis of Ethereum’s volume shows an increase at the time of publication of this article.
read ethereum [ETH] Price prediction for 2024-2025
The previous trading session experienced a drop in trading volume of less than $10 billion, but as of this writing, trading volume has reached approximately $10.1 billion.
Source: TradingView
Furthermore, the price of ETH is approaching the $3,000 price range. Examining the daily timeframe chart reveals that ETH has surged over 1.7% and is trading at around $2,980.
