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Ethereum Sees Neutral Netflow On Binance: What Does This Signal?
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Ethereum Sees Neutral Netflow On Binance: What Does This Signal?

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
Ethereum Sees Neutral Netflow On Binance: What Does This Signal?

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is currently experiencing a phase of neutrality in its market activity.

According to a CryptoQuant analyst known as Darkfost, Ethereum’s netflow on Binance has reached a balanced state, with deposits and withdrawals stabilizing. So, what does this mean for ETH?

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Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

Is Ethereum Undervalued? Investors Hold Firm While Price Targets Rise

6 months ago

A Signal To Buy Or Sell?

According to the analysis shared by Darkfost, this current behavior seen in Ethereum’s netflow on Binance might indicate an “accumulation phase,” where investors refrain from significant transactions as they await a “catalyst” to guide their next moves.

Ethereum exchange netflow on Binance.
Ethereum exchange netflow on Binance. | Source: CryptoQuant

The CryptoQuant analyst wrote:

Ethereum’s netflow on Binance has recently turned neutral, indicating a balance between deposits and withdrawals. It could indicates that there is currently no significant buying or selling pressure. This may suggest that ETH is in an accumulation phase, with investors holding their positions and awaiting a catalyst to either buy or sell.

Furthermore, Darkfost pointed out that Ethereum’s Open Interest—a measure of the total number of outstanding derivative contracts—has steadily risen.

Ethereum open interest on Binance
Ethereum has an open interest in Binance. | Source: CryptoQuant

According to the data cited by the analyst, this ETH metric is approaching an all-time high on Binance, potentially signaling increased market activity. Darkfost hinted that this could be the calm before a significant market shift. The analyst concluded by noting:

As Open Interest continues to rise and approaches an all-time high on Binance, we can wonder if this is the calm before the storm ?

Is Ethereum Gearing For A Major Rally

After several weeks of lagging and failing to keep up the bullish pace with Bitcoin, the Ethereum price performance in the past day now signals that the asset may just be ready to fulfill the anticipated major rally many investors and enthusiasts may have been expecting.

Over the past 24 hours, Ethereum has surged by 5%, with a trading price of $3,276 at the time of writing. This price increase has also unsurprisingly spiked the market cap of the second-largest crypto asset.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Ethereum’s market cap valuation currently sits at $394 billion, a roughly $26 billion boost from the $368 billion valuation seen in the early hours of today.

Related Reading

Leveraged Bets on Ethereum Soar: What This Means for Traders and Investors

Leveraged Bets On Ethereum Soar: What This Means For Traders and Investors

6 months ago

While the exact reason for Ethereum’s current bullish momentum remains uncertain, aside from the broader market’s ongoing bull run, analysts suggest that the long-anticipated alt season may be on the horizon.

#Altcoins

I think most people aren’t mentally prepared for what the next few months will bring for Altcoins.

2017 once again?👀 pic.twitter.com/98n73bK5Mo

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 20, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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