Ethereum Drops Even as long-term Investors and BlackRock Increase ETH Holdings

• Ethereum long-term holders (3–10 years) increase daily transactions to over 45,000 ETH.
• BlackRock deposits $135.7 million worth of ETH into Coinbase, signaling strong institutional confidence.
• Technical indicators show bearish momentum: RSI 43.25, MACD crossover, and prices approaching the lower Bollinger Band.

Ethereum has seen a notable price drop recently, attracting the attention of long-term and institutional investors. Transactions by Ethereum holders with 3–10 years of tenure have reached their highest level since early 2021. Major organizations, including BlackRock, are also increasing their ETH holdings.

Veteran Ethereum Holders Increase Daily Transactions

As per Glassnode data, a leading blockchain analytics platform, the Ethereum holders with a time horizon of 3 to 10 years have been observing a substantial rise in their transaction volumes since the end of August.

Source: X

These seasoned ETH holders are currently transferring over 45,000 units of the cryptocurrency every day. This marks the highest level of transactions observed since the end of February 2021.

At press time, Ethereum (ETH) is trading at $3,200, reflecting a 7.32% decline in the last 24 hours. The cryptocurrency’s 24-hour trading volume stands at $63.58 billion, while its market capitalization reaches $372.75 billion. This recent pullback comes after ETH reached new highs in August, showing increased volatility in the market.

Source: CoinMarketCap

BlackRock Deposits $135 million ETH Into Coinbase

Apart from the heightened activities of the long-position holders, the involvement of institutions in Ethereum is also grabbing the spotlight. Crypto analyst Ted recently revealed that investment behemoth BlackRock transferred $135.7 million worth of ETH into Coinbase today.

Source: X

The fact that such large amounts are being deposited shows the immense confidence of the institutions and could be a decisive factor in determining the trends of Ethereum’s markets soon.

Even though ETH is experiencing short-term pressures concerning its prices, data shows that the level of participation of long-term holders, along with key actions taken by institutions, indicates that the network remains a key focal point for both the investment community and the crypto space at large.

Also Read | Ethereum (ETH) Price Outlook: Fear, Bearish Winds, Hope of 10% Rise

Ethereum Faces Weekly Pressure

The RSI is currently at 43.25, reflecting decreasing momentum following the failure to retain the former strength near the level of 60.69. The prices are moving toward the lower Bollinger Band, currently at $2,847, reflecting the ever-increasing bear power. The midpoint of $3,976 is offering resistance, thus keeping the token within a certain range.

Source: TradingView

The MACD line is currently at -152.74, moving below the signal line at 209.76, thus marking a bearish crossover. The momentum bars are changing color to red, representing the dominance of sellers. As the histogram pulls back below 362.51, the trend is definitely changing to a correction phase for ETH.

Also Read | Ethereum Surges After $1.3 Billion Whale Purchase with $3,550 Price Target