Ethereum sees $12M whale transfer: What about ETH’s price?

• Ethereum’s Netflow got more positive.
• ETH was close to entering the $3,000 price zone.

Recent data indicates that one of the early Ethereum [ETH] holders has transferred millions of dollars worth of ETH to an exchange.

While this movement was relatively small, it could contribute to the positive Netflow trend that ETH has been experiencing recently. 

Early Ethereum holder sells most of their holdings

According to data from Spot on Chain, a significant transfer of 4,153 Ethereum coins to Coinbase occurred in the early hours of the 13th of May.

This transfer, valued at over $12 million at the current ETH price, caught attention because the originating wallet is among the asset’s early holders. 

Further analysis revealed that since 2021, this wallet had deposited over 9,000 ETH—worth more than $21 million—to exchanges.

As of press time, the wallet retained 2,566 ETH, valued at over $7 million. This recent transfer has contributed to the increased positive Netflow observed in Ethereum transactions.

Ethereum inflow increases 

The Ethereum Netflow chart analysis indicated a notable increase in positive flow over the last three days. However, it appeared poised to be the highest observed in recent days.

While the Netflow stood at around 4,600 and 3,000 in the preceding two days, it has surged to over 18,000 at the time of this writing.

This surge suggested a significant increase in exchange inflow over the past 24 hours.

Source: CryptoQuant

Further analysis of the ETH inflow chart revealed that over 83,000 ETH had entered exchanges at the time of this writing.

Considering the 94,000 inflow recorded yesterday and the ongoing inflow, we will likely observe further increased activity by the end of the day.

ETH price and volume see an uptrend

Analysis of the Ethereum volume indicated a pickup at press time.

Read Ethereum’s [ETH] Price Prediction 2024-25

After experiencing a drop in the previous trading session, with volume falling below $10 billion, the volume has now reached approximately $10.1 billion as of this writing. 

Source: TradingView

Additionally, the price of ETH is approaching the $3,000 price zone. The daily timeframe chart examination revealed that ETH had surged by over 1.7%, with its trading price around $2,980.