Ethereum: $114M in Dormant Coins Moved, Bulls Unfazed
Key Takeaways
Ethereum's demand is strong, evidenced by long-term holder activity and accumulator wallets. A $114 million transfer of dormant ETH sparked brief concern, but overall market sentiment remains bullish.
Ethereum [ETH] is showing resilience despite recent price corrections.
On-chain data indicates strong demand from long-term holders (LTHs) and dedicated accumulator wallets, which continue to increase their holdings.
A noteworthy event: 1,000 ETH that had been dormant for nearly a decade—valued at over $114 million—were recently moved.
The question is whether this signals an upcoming sell-off, or is it merely a pause before Ethereum resumes its upward trajectory?
Ethereum Demand Remains Strong
Even with Ethereum's price pullback, key demand indicators are holding steady. While short-term holders may be facing losses, long-term investors are actively increasing their positions.
The demand ratio, which compares new ETH issuance to coins unmoved for over a year, is firmly positive. Data suggests that approximately 160,000 ETH have been accumulated in the last 30 days.
Accumulator addresses, defined as wallets that have only ever bought and never sold, have collectively added around 50,000 ETH in the past month.
Despite market uncertainty, strong hands are maintaining their positions.
Dormant Ethereum Whale Awakens
In a notable transaction, 1,000 ETH untouched for 7 to 10 years, worth approximately $114.4 million, were transferred.
Movements of such old coins, often linked to early adopters or lost wallets, typically trigger speculation.
While this transfer introduces a degree of caution, it’s important to remember that not all dormant coin movements result in immediate selling pressure.
The transfer hasn't disrupted the broader demand signals, at least for now.
Caution Prevails
Ethereum's daily chart shows it holding just above $114K after a sharp decline. The Relative Strength Index (RSI) is around 47.8, not yet indicating oversold conditions.
The On Balance Volume (OBV) remained muted at 1.73M, suggesting weak conviction behind recent buying. The lack of a strong volume surge may limit upside potential.
Until the OBV shows stronger momentum and the RSI consistently remains above 50, a cautious approach is advised. Ethereum's price may be stabilizing, but a definitive trend reversal needs confirmation.