Ethereum
This $104 Million Signal Helped Ethereum Price Outperform BTC, SOL – What Next?
When prices initially returned from the monthly high of $3,700 on April 8, long-term holders sold more than 55,368 ETH, worth approximately $204 million at the time, which had previously remained unchanged for 180 days.
But during the market drop on Friday, April 11, the circulating dormant supply (180d) only reached 31,165 ETH, valued at approximately $101.4 million.
Long-term Ethereum investors reduced their selling pressure by $104 million during the two weekly ETH price extremes. This could have a positive impact on Ethereum price action in the coming days for the following reasons.
- Tired ETH Sellers: Ethereum holders showed remarkable restraint in reducing selling pressure by $104 million, even amid intense FUD surrounding global risk asset markets and crypto derivatives contract liquidations at close quarters. of 850 million dollars.
Essentially, this on-chain overview suggests that after the price crash from $3,700 to $3,200 over the last 5 days, the majority of ETH holders are now reluctant to sell.
If this $104 million drop in the dormant circulating supply of ETH persists, it could tip the scales in favor of the bulls once the broader markets recover from the shock selloffs.
Ethereum Price Forecast: ETH to defend $3,200 as seller fatigue sets in
If this $104 million drop in the dormant circulating supply of ETH persists, it could tip the scales in favor of the bulls to avoid a drop below $3,200 in the days to come.
On the daily chart, the Bollinger Band technical indicator also confirms this ETH price prediction. This shows that ETH price is currently trading above the lower $3,194 band, implying that the bears could struggle for further decline.