The recent surge in the price of Ethereum (ETH) has been accompanied by a significant transfer of 61,847 ETH, worth approximately $160.3 million, from Wintermute to major exchanges like Binance and Coinbase. This large deposit has raised concerns about whether the current bullish trend can be sustained.
Despite forming a golden cross between its 50-day and 200-day Exponential Moving Average (EMA) bands, ETH experienced a spike in price to $2,665 before settling around $2,580. The influx of such a substantial amount of ETH into exchanges adds a layer of uncertainty to the market dynamics.
The key question that investors are asking is whether ETH price can continue to climb in the face of heavy exchange deposits. While the transfer does not necessarily indicate that the ETH will be sold immediately, it does create a potential headwind for the ongoing rally.
On the other hand, data from Bitfinex shows a significant inflow of ETH, with approximately $495 million in positive netflow recorded on September 10. This marked the highest inflow since February 2025, indicating a strong bullish sentiment among traders on the platform.
However, other exchanges like Binance and OKX saw net outflows of around $244 million and $99 million, respectively. The contrast in flows between Bitfinex and these exchanges suggests a divergence in market sentiment, with Bitfinex traders seemingly more bullish on ETH.
The conflicting exchange flows highlight the need for caution in interpreting price movements. While a golden cross on the chart signals a bullish trend, the uncertainty surrounding exchange deposits complicates the outlook for ETH price. It is essential for buyers to follow through with continued demand to sustain the upward momentum.
In conclusion, ETH price is currently at a critical juncture, balancing technical indicators with real-world market dynamics. The recent spike in price and the golden cross formation indicate a potential uptrend, but the heavy exchange deposits introduce a level of uncertainty. Traders will need to monitor buyer behavior closely to determine whether the rally can be sustained in the face of conflicting signals from exchange flows.