ETH - Did ETH Foundation mark the local top again?
Assets covered: $ETH
Metrics used: Historical Balance, MVRV 30D, Active Deposits
ETH Foundation recently moved a significant amount of ETH to Kraken, let's see how things went.
Looking at the recent historical balance of ETH Foundation, the move of 14,999 ETH has yet again marked the local top for ETH.
That said, not all movement out of ETH Foundation marked the top.
So far, only 3 instances (marked in green) have seen ETH's price dropped after ETH left the ETH Foundation wallet.
The recent move by ETH Foundation seemed to have spooked the market a little as we are seeing highest spikes in Daily Active Deposits for the past 1 year.
ETH's MVRV 30D which measures the short-term profit/loss of holders is out of the danger zone and making its way to the Opportunity Zone, where historically, we saw ETH's price bottom out.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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