Ethereum (ETH) Price News: 8% Plunge as Ether ETFs Bleed $1.4B, Long-Term Holders Sell

Ethereum (ETH) experienced a significant drop, plunging 8% as crypto markets faced a selloff, exacerbated by long-term holders selling off their assets. ETH fell from a high of $3,565 to a low of $3,060, ultimately stabilizing below $3,200. This decline was fueled by over $1.4 billion in net outflows from U.S. spot ether ETFs since late October, highlighting dwindling investor confidence amid a hawkish Federal Reserve stance. Metrics such as monthly active addresses and transaction fees also saw significant declines, with active addresses dropping from over 9 million in September to 8.2 million. Long-term holders, defined as those holding assets for 3 to 10 years, accelerated their selling to approximately 45,000 ETH daily. The bearish trend is reinforced by technical analysis indicating critical support levels at $3,080 and $3,050, while resistance sits at $3,330 and above. These developments portray a challenging environment for Ethereum, suggesting potential further declines unless key resistance levels are reclaimed.

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