Ethereum Average Daily Outflow Reaches 40,000 ETH as Buying Pressure Builds

Ethereum (ETH) is trading at approximately $4,600, just 4% below its all-time high. On-chain data indicates significant buying pressure, with over 1.2 million ETH withdrawn from exchanges in the past month, suggesting continued upward momentum.

Key Points

ETH has increased 53.8% in the last month and tripled from a low of around $1,500 in April.
Ethereum's All Exchanges Netflow shows a 30-day Simple Moving Average (SMA30) of -40,000 ETH, indicating average daily outflows.
Investors are likely moving ETH to cold storage in anticipation of price increases.
Spot ETH exchange-traded funds (ETFs) recorded over $1.5 billion in inflows for the week ending August 12, maintaining positive weekly inflows since May 16.
Total net assets in ETH ETFs stand at $27.6 billion, accounting for 4.7% of Ethereum’s market cap.
Analysts suggest that if Bitcoin (BTC) reaches $150,000, ETH could rise to $8,600.
Advice has been given to consider selling ETH if it reaches between $5,800 and $6,000 in October.

As of now, ETH is priced at $4,684, reflecting a 6.8% increase over the past 24 hours.