Key Points
- Ethereum has witnessed over $1 billion outflow from exchanges, with a slight increase in its price by over 1%.
- Despite the price decline, Ethereum’s accumulation metrics and exchange outflows have been moving in opposite directions.
Despite a recent drop in price, Ethereum (ETH) has seen an increase in exchange outflows and accumulation metrics.
Ethereum’s Price Trend
Ethereum experienced a significant daily decline on 11th June, with its price dropping by almost 4.6%.
This drop pushed Ethereum into a bear trend, as indicated by its Relative Strength Index (RSI) falling below the neutral line.
Despite this, Ethereum’s price has slightly recovered, increasing by over 1% and trading at around $3,500.
Ethereum Accumulation and Outflow
Whale addresses have continued to accumulate Ethereum despite the price decline.
The number of addresses holding between 10,000 to 100,000 ETH has increased, and whales have bought over 240,000 ETH, worth around $840 million, since the decline started.
Furthermore, Ethereum has seen a significant outflow, particularly from Coinbase, with over 336,000 ETH, worth approximately $1 billion, leaving the exchange.
Ethereum’s netflow analysis shows that outflows have dominated in the last few days, indicating that more traders are buying ETH as its price declines.
