Ethereum has experienced a sustained uptrend over the past three days, rising from $2,633 to $2,850. This bullish sentiment is driven by massive negative netflows, increased buying activity, and a declining supply ratio. Market indicators suggest a potential recovery to $3,300, although risks remain if bulls fail to hold the market.
However, during the past three days, the altcoin has experienced a sustained uptrend, rising from $2,633 to $2,850. As of this writing, Ethereum is trading at $2,838, up 3% on daily charts.
The sudden trend reversal with three consecutive days of gains reflects shifting market sentiment from bearish to bullish. This bullishness is further evidenced by ETH’s massive negative netflows., Ethereum’s Exchange Netflow for derivative exchanges has experienced a decline of almost -60k ETH for the second time in a week.With such massive negative netflows, it suggests that investors are actively withdrawing ETH from derivative exchanges.
Historically, such a significant drop reflects reduced selling pressure from large positions being closed, indicating bullish sentiments in the medium term. This has declined to reach a yearly low of 0.13 implying that more ETH is getting off exchanges than inflow in higher numbers than seen over the past year.Notably, with market sentiments turning bullish, ETH is well positioned for a sustained recovery.
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