[ETH] may not have indicated any significant price movement on 2 February. When that timeframe is examined more closely, it could be observed that ETH broke the $1,700 barrier and briefly traded at $1,713.
For the first time in more than four months, the price exceeded $1,500, which prompted traders’ reactions.The asset was trading at roughly $1,640 as of the time of this writing, and it appeared to have lost a small value. The price was still trading above the support line that was established near $1,500 despite the modest value drop.
Additionally, according to the Relative Strength Index, Ethereum was still moving in a bullish direction. As of the time of writing, the RSI was above 60 on a daily timeframe.The Netflow measure may be a more accurate reflection of how investors reacted to Ethereum’s modest gain on 2 February. The observedSellers were ready to cash in since the inflow was over 29,000. The observed influx, however, was consistent; there was no noticeable surge.significantly.
Even though there was a scramble to cash in when the price of ETH spiked, this suggests that only a tiny fraction of the overall supply made its way to trading platforms.Looking at Glassnode’s Percent Supply in Profit also revealed that a sizable portion of the ETH supply is currently earning interest. Over 64% of the supply, as seen in the observed graph, was profitable as of this writing.
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