Posted:
- ETH’s flow remained negative despite recent selling.
- ETH continued to rise, crossing the $2,500 mark at the time of writing.
According to Look at chainEthereum [ETH] Co-founder Jeffrey Wilcke’s wallet made a notable deposit of 4,300 ETH on an exchange. The last recorded deposit from this wallet dates back to June 2023.
Wilcke deposited 22,000 ETH, valued at approximately $41.1 million at the time and priced at $1,872 per ETH.
At the time of writing, the wallet maintained a balance of 46,000 ETH, with an estimated market value of $362 million.
How the Ethereum Netflow responded
AMBCrypto’s analysis of the Netflow metric on CryptoQuant showed that the recent deposit had no impact on the overall trend.
At the end of trading on February 10, Netflow remained negative, indicating continued outflows of ETH from the exchanges. The graph showed that more than 9,800 ETH left the exchanges.
This was in contrast to the day before, when a significant inflow of over 75,000 ETH was observed. At the time of writing this article, another 3,000 ETH have left the exchanges.
Source: CryptoQuant
ETH’s upward trend continues
The Ethereum co-founder timed the sale well, taking advantage of an uptrend in ETH prices over the past three days.
Analysis of the daily timeframe chart showed that ETH was trading above $2,500 at the time of writing.
The strength of the positive trend is reflected in both the Short Moving Average (yellow line) and the Relative Strength Index (RSI).
Source: trading view
How much are 1,10,100 ETHs worth today?
At the time of writing, the price was above the yellow line, which acted as a support level. Moreover, the RSI crossed 60 and moved towards the overbought zone.
Furthermore, the RSI indicated a strong bull trend at the time of the report. If the benchmark continues to rise, ETH prices will rise, which will be good news due to its volatility after a long period of stagnation.