- An Ethereum OG wallet sold $16.86M in ETH during the dip, marking its first activity in two years and signaling bearish sentiment.
- Spikes in the 1–2-year spent coin age band during ETH’s December peak and recent declines show long-term holders are exiting on rallies.
- ETH bounces off key support near $1,600 after touching $1,385, but a pattern of lower highs suggests sellers still control the macro trend.
An Ethereum early adopter has offloaded 10,702 ETH worth $16.86 million at $1,576, according to Lookonchain. The wallet remained dormant for two years and originally received ETH in 2016, when it traded at just $8. Interestingly, this wallet never sold when ETH surpassed $4,000. Instead, it only activated during major downturns. This sell-off aligns with recent market weakness as ETH trades near multi-month lows.
Long-Term Holders React During Market Declines
Santiment data tracks Ethereum’s price, 50-day moving average, and spent coin age bands from October 2024 to April 2025. ETH began October near $1,550 and climbed steadily before a strong breakout in late October. The price surged past its 50-day average, peaking around $3,900 in early December.
This rally triggered noticeable spikes in the 1–2-year spent coin age band. That indicated increased selling from wallets holding ETH for long periods. These spikes intensified in December, just as ETH topped out. From January 2025, ETH started declining steadily and fell below the 50-day average by mid-month.
Besides, the 50-day moving average also turned downward, confirming bearish momentum. ETH dropped further, bottoming near $1,570 in early April. The spent coin age band continued to flash during sharp price rejections. This suggested long-term holders were increasingly active during downturns.
ETH Holds Key Weekly Support Zone
Meanwhile, Crypto Fella’s weekly chart shows ETH/USDT bouncing off a critical support trendline. ETH currently trades at $1,618.73, gaining 2.40% after hitting a low of $1,385. The diagonal trendline has connected major swing lows from mid-2024 through early 2025.
Additionally, horizontal support between $1,600 and $1,700 remains intact. Another strong demand zone lies at $1,400. Trading volume surged during late-2024 sell-offs, hinting at capitulation. Hence, the recent support test could signal a potential bottom. Moreover, a projected price arrow suggests ETH may soon reverse to the upside. However, the long-term trend still shows lower highs, indicating sellers dominate the broader structure.
