Ethereum Price Rises Despite $1.86 Billion Net Outflows Over Past Month

The Ethereum price has been rising, and it has also seen significant outflows of around $1.86 billion over the past 30 days. This might seem counterintuitive, but the price has been going up despite the net outflows. One possible explanation is that whales, or large Ethereum holders, are actively buying and selling the cryptocurrency. In fact, the data shows that whale activity has increased during this period.

At the time of writing, the Ethereum price is trading near the $2,685 breakout level, with some traders watching for a potential move above this level. The Relative Strength Index (RSI) is currently at 62.8, which is a neutral reading. The key levels to watch are resistance at $2,774 and support at $2,634, which is also the 20-day Exponential Moving Average (EMA) and the rising trendline.

Another interesting aspect of the data is that the 30-day Moving Average Return to Value (MVRV) has recovered, indicating that recent holders of Ethereum are experiencing higher unrealized gains. This has led some traders to watch the $2,800 support level for potential profit-taking if the price slips.

ETFs tracking Ethereum have seen significant outflows, with $55.37 million withdrawn on October 1, marking the third straight session of withdrawals. Over the past three sessions, the total outflows have reached $117.76 million. However, it's worth noting that the cumulative inflows since inception are still around $13.84 billion.