Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing a decline in price over the past few days. Despite this drop, some metrics are showing positive signals for Ethereum, indicating that the decline may be a temporary setback.

According to an analysis of Ethereum's price trend on a daily time frame, the cryptocurrency experienced its biggest daily decline in over a month on June 11, falling by almost 4.6%. This decline pushed Ethereum into a bear trend, with its Relative Strength Index (RSI) falling below the neutral line. However, as of this writing, the price has seen a slight recovery, increasing by over 1% and trading at around $3,500.

Despite the decline in price, Ethereum whales, or large investors, have continued to accumulate the cryptocurrency. According to data from Santiment, the number of addresses holding 10,000 to 100,000 ETH rose from 1,040 to 1,049, indicating that whales are buying more Ethereum as the price declines. In fact, whales have bought over 240,000 ETH, worth around $840 million, since the decline started.

In addition to the accumulation by whales, Ethereum has also seen a massive outflow of funds from exchanges. According to data from CryptoQuant, Coinbase experienced its highest outflow of the year, with over 336,000 ETH leaving the exchange. This outflow is worth approximately $1 billion, indicating that more traders are buying Ethereum as its price declines.

The netflow of Ethereum, which measures the amount of ETH leaving or entering exchanges, has also been dominated by outflows in recent days. As of this writing, the netflow remains negative at around -27,000, indicating that more traders are buying ETH than selling it.

Overall, while Ethereum's price drop and $1 billion outflow may seem like a negative sign, the accumulation by whales and the dominance of outflows in the netflow suggest that the decline may be a temporary setback. As the cryptocurrency market continues to evolve, it is important to keep an eye on these metrics to understand the trends and make informed investment decisions.