Ethereum: 1.6 million coins moved; it means THIS for your ETH holdings

Age Consumed metric climbed to a one-month high on 18 April. This rally was followed by a slight uptick in the altcoin’s value too, suggesting that a local bottom might have been hit, according toTo assess whether a price bottom is in, it is important to assess ETH’s Age Consumed metric. This metric tracks the movement of its long-held idle coins.

Whenever this metric spikes, it indicates that a significant number of previously held idle tokens have begun to change hands. It hints at a strong shift in the behavior of long-term holders. In fact, according to Santiment, Ethereum’s Age Consumed rose to a high of 1.6 million on 18 April. Although ETH’s price briefly fell below $3,000 after this, it quickly rebounded to exchange hands at $3,059 at press time.

Underlining that bearish power exceeded bullish activity in ETH’s market, its positive directional index rested under its negative index .When these lines of an asset’s Directional Movement Index are positioned this way, it is a sign that the market trend is bearish and the price is under significant pressure from the sellers.

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