If you’re an investor in Ethereum or interested in the cryptocurrency market, you’ll want to pay attention to the recent trends in ETH holders behavior. According to recent on-chain data, Ethereum long-term holders have shown remarkable restraint in the face of market volatility, reducing their selling pressure by a significant $104 million across two weekly price extremes.
During a recent dip in the market on April 11, the Dormant supply in Circulation (180d) only hit 31,165 ETH, valued at approximately $101.4 million. This suggests that even as prices fell from $3,700 to $3,200 in just 5 days, the majority of ETH holders are now reluctant to sell.
This decline in selling pressure could have a positive impact on Ethereum price action in the coming days. If this trend persists, it could tilt the momentum in the bulls’ favor and help defend the $3,200 support level.
Additionally, technical indicators such as the Bollinger band on the daily chart also support this ETH price forecast. Currently, ETH is trading above the lower-band of $3,194, indicating that the bears could struggle to force further downside.
As an investor, it’s important to stay informed about these on-chain insights and technical indicators to make informed decisions in the cryptocurrency market. By monitoring the behavior of long-term ETH holders and market trends, you can better navigate the volatility and potentially capitalize on favorable price movements. Stay tuned to Extreme Investor Network for more updates and analysis on cryptocurrency trends and market insights.
