- ETH’s Coinbase Premium Index is at its highest in 12 months.
- The coin’s Chaikin Money Flow suggests a steady supply of market liquidity.
Ethereum’s [ETH] Coinbase Premium Index (CPI) has risen to its highest level since May 2023, signaling a recent spike in market participation by US-based investors, data from CryptoQuant showed.
This metric tracks the difference between an asset’s prices on Coinbase and Binance. When it climbs, it suggests that Coinbase users are conducting significant buying activity.
Conversely, when it declines and dips into the negative territory, it signals less trading activity on the US-based exchange.
At press time, ETH’s CPI was 0.16. Per CryptoQuant’s data, the last time the value was this high was on the 9th of May, 2023. This index initiated an uptrend since 23rd February, and has since risen by over 400%.
The jump in ETH’s CPI is directly tied to the coin’s recent rally above $3800. It is also indicative of the market’s general bullish sentiment and the expectation that the coin will reclaim its two-year-old all-time value of $4800.
The same sentiment was observed in the Asian market. An assessment of ETH’s Korean Premium Index (KPI) showed that it was at its highest value since May 2022.
The rallies noted in ETH’s CPI and KPI showed that investors from both regions engaged in trading the altcoin are at their most active for quite some time.
Demand remains at an ultra-high level
At press time, ETH exchanged hands at $3,890, witnessing a 3% price gro
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Author: Abiodun Oladokun
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