Ethereum Price Dips to $2,350 with Whale Deposits Surpassing $751 Million
Ethereum has experienced a decline, dropping to around $2,350, with recent on-chain data showing significant exchange inflows from whales. According to insights from the market intelligence platform IntoTheBlock, Ethereum’s Exchange Netflow has been positive lately. This metric tracks the net amount of Ethereum flowing into or out of wallets linked to centralized exchanges. A positive value indicates investors depositing tokens, potentially signaling selling activities and bearish price trends.
Conversely, a negative Exchange Netflow suggests a net outflow from exchange-related addresses, indicating potential long-term holding intentions by investors, which could be bullish for the cryptocurrency. Recent data reveals spikes in Ethereum Exchange Netflow into positive territory, indicating substantial net deposits into exchanges. Over the past week, 312,183 ETH, valued at approximately $745 million, were transferred to these platforms, likely orchestrated by whale entities, potentially for selling purposes.
The influx of ETH has coincided with a downtrend in Ethereum’s price, slipping below $2,400. Exchange Netflows have shown consistent inflows over the past month, putting pressure on the Ethereum market. Monitoring Exchange Netflow in the coming days is crucial, as further spikes could signal more bearish price movements for Ethereum.
In line with the broader market sentiment, Ethereum’s price trajectory has been negative, declining by over 6% in the past week. The price chart reflects this bearish trend, with ETH struggling around the $2,350 mark. Ethereum’s performance over the last few months has been on a downward slope, mirroring the overall market sentiment.
The recent data underscores the impact of whale activities on Ethereum’s price movements and market dynamics. As the cryptocurrency market continues to evolve, monitoring on-chain metrics like Exchange Netflow provides valuable insights into investor behavior and potential price trends.
