Key Points
- Large investors have been purchasing more Ethereum as the price declines, indicating a bullish trend.
- Ethereum’s netflow has been dominated by negative flows, with more Ethereum leaving exchanges than entering.
Despite the weakening bull trend, large investors are seizing the opportunity to buy more Ethereum.
Recent data shows that as the price of Ethereum has declined, big wallets have been accumulating more, a sign of bullish sentiment.
Whale Addresses Accumulate Ethereum
An analysis of major Ethereum addresses shows a slight increase in accumulation since the end of last month. Specifically, wallets holding over 10,000 Ethereum have shown growth starting from around May 19th.
At that time, there were about 952 such wallets, and Ethereum was trading at around $3,074. This number has since grown to approximately 980, despite the price increase to around $3,700.
The trend has flipped to the upside, indicating an increase in accumulation by most of the major wallets and suggesting heightened buying pressure.
Ethereum Outflows Dominate
Ethereum’s Netflow has been dominated by negative flows in recent weeks. More Ethereum has been leaving exchanges than entering since the beginning of the month.
From June 1st to now, the negative flow volume has exceeded $354 million, while the positive netflow volume was around $226 million. This trend, coupled with the accumulation by major wallets, is a positive sign for Ethereum, despite its recent price trend.
Ethereum has been trending in the $3,600 price range for the past three days, currently trading at around $3,670, a decline of approximately 0.8%.
Ethereum’s Relative Strength Index (RSI) is above 52, but it is on a downward trend, indicating that a further price decline could push it below the neutral line. This suggests that while the trend is currently bullish, it is weakening.
