Ethereum’s price has come under pressure in recent days, even as long-term investors and major institutions continue to increase their exposure. New on-chain data shows a sharp rise in activity from veteran Ethereum holders, while investment giant BlackRock has made another significant ETH deposit. Despite these bullish signals, technical indicators suggest that short-term bearish momentum still dominates the market.
Long-Term Ethereum Holders Increase Activity to Multi-Year Highs
According to data from Glassnode, Ethereum holders who have maintained their positions for 3 to 10 years are becoming increasingly active. These long-term investors, often seen as the most resilient group in the ecosystem, have been steadily increasing their transaction volumes since late August.
Daily transfers from these holders have now surged to over 45,000 ETH per day, marking the highest activity level since February 2021. This group’s actions often provide insight into market confidence, as these investors typically make strategic decisions based on long-term conviction rather than short-term price swings.
The rise in movements suggests that long-term holders are preparing for future market shifts—either by repositioning their holdings or accumulating more ETH during the recent market cooldown. Historically, increased participation from seasoned holders has aligned with strong conviction about Ethereum’s long-term potential.
Ethereum Price Slips Despite Strong Investor Interest
At the time of writing, Ethereum is trading around $3,200, marking a 7.32% decline in the past 24 hours. Its 24-hour trading volume stands at more than $63.5 billion, while the overall market capitalization has slipped to $372.75 billion.
This correction comes shortly after Ethereum posted new local highs in August. The market’s recent volatility reflects broader uncertainty across risk assets, with many traders locking in profits after Ethereum’s strong performance earlier in the year. Despite these short-term pressures, the broader data suggests that both long-term holders and institutions remain confident in Ethereum’s future.
BlackRock Transfers $135 Million in ETH to Coinbase
A major highlight for the Ethereum market this week comes from global investment giant BlackRock. According to market analyst Ted, BlackRock transferred $135.7 million worth of ETH into Coinbase, drawing significant attention from the crypto community.
Such a large movement signals continued institutional interest in Ethereum. While the exact reason for the transfer has not been confirmed, analysts believe it may be connected to custodial management, accumulation strategies, or preparations for financial products tied to Ethereum.
Institutional participation is crucial for Ethereum’s long-term growth. BlackRock’s involvement reinforces that major financial organizations still consider ETH a significant digital asset, especially within growing narratives around staking, tokenization, and decentralized finance.
Market Confidence Endures Despite Short-Term Weakness
Even though Ethereum is experiencing a pullback, the combination of heightened activity from long-term holders and strong institutional engagement indicates resilience beneath the surface. Historically, periods of accumulation by long-time investors and major organizations have preceded strong recovery phases.
Ethereum’s network strength and expanding use cases—including staking, payments, and decentralized applications—remain central to investor confidence. The current dip is viewed by many analysts as a natural correction within a broader bullish cycle.
Technical Indicators Point to Bearish Momentum
While fundamental signals remain positive, Ethereum’s technical indicators show clear short-term bearish pressure.
Relative Strength Index (RSI): The RSI currently sits at 43.25, down from recent highs near 60.69. This decline indicates weakening momentum, with sellers gaining more control. The RSI is approaching oversold territory, raising the possibility of a future relief bounce if buying demand increases.
Bollinger Bands: Ethereum’s price is now moving toward the lower Bollinger Band, positioned around $2,847. This suggests growing downward pressure and increased volatility. The mid-band at $3,976 continues to act as strong resistance, limiting upward movement.
MACD Indicator: The MACD line is at -152.74, moving below the signal line at 209.76. This bearish crossover confirms the downward trend. Red histogram bars show rising selling strength, while the pullback below 362.51 indicates that Ethereum may remain in a corrective phase unless buying pressure returns.
Outlook: Watch for Key Levels and Accumulation Trends
Ethereum continues to face short-term price challenges, but on-chain and institutional data paint a more optimistic long-term picture. If accumulation from long-term holders and institutions persists, it could help stabilize the market and build a foundation for the next upward move.
For now, traders are watching key levels, especially the $2,850 lower support zone and the $3,500–$3,800 resistance range. A strong breakout above resistance or renewed institutional inflows could signal an upcoming recovery.
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