- Ethereum surged 60% in Might, however long-term holders are promoting.
- Over $3.4B in ETH left exchanges, hinting at rising confidence.
Ethereum [ETH] simply pulled off a 60% dash in Might, driving a $3.42 billion wave of contemporary accumulation.
However whereas the bulls had been busy high-fiving, long-term holders began quietly heading for the exit — maybe cashing in, maybe sensing the music is perhaps about to cease.
Cooling off or cooling up?
After surging previous the $2,500 mark in a blistering early-Might rally, Ethereum now seems to be catching its breath.
The every day chart confirmed a noticeable slowdown, with worth motion flattening and quantity scaling down close to the $2,509 degree.
Supply: TradingView
This consolidation follows a 60% rally that noticed ETH peak at $2,617 earlier than retreating barely. In the meantime, the RSI hovered round 67, slightly below the overbought threshold — an indication of bullish momentum.
With long-term holders reportedly trimming positions and patrons exhibiting restraint, ETH appears to be coming into a wait-and-see part.
LTH offloading reveals uncertainty
In response to Santiment data, the Age Consumed metric has flashed purple twice in latest days, marking two of the biggest spikes in long-term holder exercise since October.
These abrupt upticks present that seasoned traders are offloading dormant ETH — usually an indication of profit-taking close to perceived native tops.
Supply: Santiment
The magnitude of those strikes, the biggest in seven months, brings doubt to Ethereum’s short-term outlook.
If conviction amongst LTHs continues to wane, the promoting strain may weigh closely on ETH’s potential to maintain its momentum.
Ethereum exodus
Supply: Cryptoquant
Over the previous month, greater than 1.34 million ETH — price upwards of $3.42 billion — has quietly exited centralized exchanges, exhibiting a robust shift in investor habits.
The sharp decline in obtainable provide, coinciding with momentum from the Pectra improve, reveals that market contributors are positioning for long-term holds moderately than short-term trades.
