$ETH is trading at $1673.90, down 0.28% over the last 24 hours. More recognizable signals are coming from on-chain data: an address starting with 0x157 sold 3000 coins at an average price of $1658.68 about 10 hours ago, totaling around $4.98 million. These tokens have been held for about 3 years, primarily earning yield in DeFi protocols like Aave, and the decision to cash out indicates that some long-term funds are shifting to a defensive position at this level.
The price is very close to $1650, suggesting that this sell-off is occurring right at the range where the market has been battling back and forth. If it can hold above $1650 moving forward, it indicates that selling pressure is gradually being absorbed; however, if it continues to drop below this average price, short-term sentiment may remain weak. What is clear at this stage is that long-term holdings are starting to loosen up, which is more significant to track than mere intraday fluctuations.
The price is very close to $1650, suggesting that this sell-off is occurring right at the range where the market has been battling back and forth. If it can hold above $1650 moving forward, it indicates that selling pressure is gradually being absorbed; however, if it continues to drop below this average price, short-term sentiment may remain weak. What is clear at this stage is that long-term holdings are starting to loosen up, which is more significant to track than mere intraday fluctuations.