The Indicator, which has been correctly aware of the rises since August 2023, gave a rise signal for Ethereum again!

All eyes are on spotlight after SEC’s spot Bitcoin ETF approval Ethereum As it was converted to ETFs, the ETH price also rose to $2,700.

In the subsequent corrections, it fell to $ 2,100. ETHis at $2,420 at the time of writing.

At this point, a leading cryptocurrency analysis platform A new bullish report for ETH came from CryptoQuant.

According to this Analyzing the relationship between Ethereum netflow data and price movement, CryptoQuant said that since August 2023, the Ethereum price has tended to trend upward following periods of netflow data in the negative zone.

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 the Ethereum price moving upwards 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

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— CryptoQuant.com (@cryptoquant_com) February 8, 2024

*This is not investment advice.