Ethereum’s long-term holders (LTHs) have begun a significant wave of selling in October, marking the largest such exit since July. With ETH trading near the US$4,000 level and network activity showing signs of fatigue, the market now faces a critical inflection point for the second-largest cryptocurrency.
On-chain data reveals that long-term Ethereum holders moved or sold a substantial volume of coins in October — a level of activity not seen in three months. This surge in the “Age Consumed” metric indicates that previously dormant coins changed hands, which often signals profit-taking or repositioning by more experienced stakeholders. The shift suggests a notable reduction in conviction among holders who once appeared content to sit tight and wait for appreciation.
Concurrently, the network’s growth has shown signs of stalling: new active addresses climbed steadily through most of October but then fell sharply in the final week. This combination of older coins circulating and fewer new participants joining the network highlights weakening momentum at a time when price action has remained largely flat.
Selling pressure mounts while investor conviction wanes
At present, Ethereum is caught in a narrow range just above US$4,000 and below the resistance zone of approximately US$4,221. Without a decisive breakout above that level, the recent selling may push ETH lower into the US$3,742 support zone. The inability to reclaim US$4,221 would likely strengthen bearish sentiment, especially if selling continues from long-term holders.
On the positive side, if investor activity and network participation recover in November, the groundwork may exist for renewed inflows. Some analysts suggest that if Ethereum can break above the resistance levels, the next target could approach US$4,500 or beyond — but only if the broader backdrop of investor sentiment improves.
In essence, the key takeaway is that Ethereum’s price is under pressure not just from external macro factors but from internal dynamics: holder exits, cooling network expansion and stagnant price performance. The coming weeks may determine whether this selling phase becomes a longer-term correction, or a prelude to a rebound. For investors and observers, the focus now turns to whether large holders will pause selling, whether new on-chain growth emerges and whether ETH can reclaim its technical footing.
