ETH Price Surpasses Average Cost Basis, Drives Exchange Inflows
Ethereum's price has continued its upward trend after reclaiming its average on-chain cost basis at $2,306. The cryptocurrency saw a significant increase in exchange inflows following this move, with small-scale retailers dominating recent profit-taking while whales accumulated more ETH.
The aggressive golden cross signal confirmed a bullish outlook for Ethereum, with the 20-day Exponential Moving Average (EMA) crossing above the 200-day EMA and the 50-day EMA above the 100-day EMA. This configuration suggests a reinforced uptrend, but also indicates that momentum may be overbought.
US-based investors' sentiment has continued to improve over the past week, with the Coinbase Premium Index on the verge of flipping positive after months in negative territory. Ethereum spot exchange-traded funds (ETFs) have also seen six consecutive days of net inflows into the products, totaling $115.5 million.