This paper describes a determination of the Cabibbo-Kobayashi-Maskawa matrix element $|V_{cb}|$ using the decay $B^0to D^{*-}ell^+ u_ell$. We perform a combined measurement of this quantity and of the form factors $rho^2$, $R_1(1)$, and $R_2(1)$ which fully characterize this decay in the framework of heavy-quark effective theory, based on 140 fb$^{-1}$ of Belle data collected near the $Upsilon(4S)$ resonance. The results, based on about 69,000 reconstructed $B^0to D^{*-}ell^+ u_ell$ decays, are $rho^2=1.293pm 0.045pm 0.029$, $R_1(1)=1.495pm 0.050pm 0.062$, $R_2(1)=0.844pm 0.034pm 0.019$ and $mathcal{F}(1)|V_{cb}|=34.4pm 0.2pm 1.0$. The $B^0to D^{*-}ell^+ u_ell$ branching fraction is found to be $(4.42pm 0.03pm 0.25)%$. For all these numbers, the first error is the statistical and the second is the systematic uncertainty. All results are preliminary.