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- Despite recent selling, ETH flows have remained negative.
- ETH continued to rise, crossing the $2,500 range at press time.
According to Look on chain, Ethereum (ETH) co-founder Jeffrey Wilcke’s wallet recorded a notable deposit of 4,300 ETH on the exchange. The last recorded deposit from this wallet dates back to June 2023.
Wilcke deposited 22,000 ETH, worth about $41.1 million at the time, at a price of $1,872 per ETH.
At press time, the wallet had a balance of 46,000 ETH, with an approximate market cap of $362 million.
How did Ethereum Netflow respond?
AMBCrypto’s analysis of CryptoQuant’s Netflow indicator shows that recent deposits have not had an impact on the overall trend.
At the close of trading on February 10, Netflow remained negative, indicating continued outflows of ETH from exchanges. According to the chart, more than 9,800 ETH left the exchange.
This is in contrast to the significant inflows of over 75,000 ETH observed the previous day. As of this writing, an additional 3,000 ETH remains on the exchange.
Source: CryptoQuant
ETH’s upward trend continues
The Ethereum co-founder timed his sale well, taking advantage of the rising ETH price trend over the past three days.
Analysis of daily timeframe charts shows that ETH is trading above $2,500 at the time of writing.
The strength of the positive trend is evident in the short-term moving averages (yellow lines) and the Relative Strength Index (RSI).
Source: Trading View
How much is 1,10,100 ETH worth today?
At press time, prices were trending above the yellow line, which served as support. Also, RSI was above 60 and moving towards overbought territory.
Additionally, at the time of writing, RSI indicated a strong bullish trend. If the indicator continues to surge, the price of ETH will rise, which will be good news for volatility after a long period of stagnation.