After the SEC’s spot Bitcoin ETF approval, eyes turned to spot Ethereum ETFs, and the ETH price rose to $ 2,700.
ETH, which dropped to $ 2,100 in the subsequent corrections, is at $ 2,420 at the time of writing.
At this point, a new bullish report for ETH came from CryptoQuant, a leading cryptocurrency analysis platform.
Accordingly, CryptoQuant, which examined the relationship between Ethereum netflow data and price movement, said that the Ethereum price has tended to show an upward trend after periods of net flow data in the negative zone since August 2023.
Pointing out that there is a correlation between Netflow data and Ethereum price movement, CryptoQuant analyst revealed that the price experiences a selling pressure when entering the positive region marked with yellow dots on the chart.
The analyst said that, on the contrary, when Netflow data is in the negative zone, the ETH price moves upwards.
“We have witnessed an upward movement in the Ethereum price following netflow data accumulating in the negative zone since August 2023.
When we look at the 14-day EMA, we witness a slight selling pressure when it enters the positive zone (yellow dots).
Current Data shows that Ethereum netflow data has accumulated significantly in the negative territory over the last 8 days.
Considering that there is a correlation between Netflow data and Ethereum price, Netflow data shows that Ethereum price movement may be upward in the coming days. “
$ETH Netflow Data and Price Movement Relationship
“This data indicates that the #Ethereum price movement may be upward in the coming days.” – By @Bullfighterr
Full post 👇https://t.co/TjGvDY6gFo
— CryptoQuant.com (@cryptoquant_com) February 8, 2024
*This is not investment advice.