After the SEC’s spot Bitcoin ETF approval, eyes turned to identify Ethereum ETFs, and the ETH worth rose to $ 2,700.
ETH, which dropped to $ 2,100 within the subsequent corrections, is at $ 2,420 on the time of writing.
At this level, a brand new bullish report for ETH got here from CryptoQuant, a number one cryptocurrency evaluation platform.
Accordingly, CryptoQuant, which examined the connection between Ethereum netflow knowledge and worth motion, mentioned that the Ethereum worth has tended to indicate an upward development after intervals of web circulate knowledge within the detrimental zone since August 2023.
Mentioning that there’s a correlation between Netflow knowledge and Ethereum worth motion, CryptoQuant analyst revealed that the worth experiences a promoting strain when getting into the constructive area marked with yellow dots on the chart.
The analyst mentioned that, quite the opposite, when Netflow knowledge is within the detrimental zone, the ETH worth strikes upwards.
“We now have witnessed an upward motion within the Ethereum worth following netflow knowledge accumulating within the detrimental zone since August 2023.
After we take a look at the 14-day EMA, we witness a slight promoting strain when it enters the constructive zone (yellow dots).
Present Knowledge reveals that Ethereum netflow knowledge has accrued considerably within the detrimental territory over the past 8 days.
Contemplating that there’s a correlation between Netflow knowledge and Ethereum worth, Netflow knowledge reveals that Ethereum worth motion could also be upward within the coming days. “
$ETH Netflow Knowledge and Worth Motion Relationship
“This knowledge signifies that the #Ethereum worth motion could also be upward within the coming days.” – By @Bullfighterr
Full submit 👇https://t.co/TjGvDY6gFo
— CryptoQuant.com (@cryptoquant_com) February 8, 2024
*This isn’t funding recommendation.