Ethereum Pauses After 60% Surge in May
Key Takeaways
Ethereum (ETH) saw a price increase of approximately 60% in May. However, this upward trend now appears to be losing momentum. While short-term traders are hoping for further gains, many long-term investors are stepping back. In recent weeks, more than 1.34 million ETH, worth over 3.4 billion US dollars, have been withdrawn from centralized exchanges. This development indicates a phase of uncertainty and reorientation.
ETH Price Consolidates After Strong Surge
Following a sharp rise to as much as 2,617 US dollars in early May, the ETH price has recently stabilized at around 2,509 US dollars. Trading volume is declining, and the Relative Strength Index (RSI) is at 67 – just below the threshold for overbought conditions. This suggests a wait-and-see attitude in the market. Many participants appear to be waiting for clear signals before opening new positions.
Long-term Investors Selling – A Warning Sign?
Data from blockchain analytics platform Santiment shows that the “Age Consumed” metric has recently risen significantly. This metric measures how much older, previously unmoved Ethereum is suddenly being transferred. Two of the largest spikes since October indicate that experienced investors are reducing their holdings. Such movements are often a sign of profit-taking, especially after strong price increases.
Exchange Outflows: ETH Moving to Private Wallets
At the same time, there has been a significant decrease in ETH holdings on centralized exchanges. According to data from CryptoQuant, over 1.34 million ETH – valued at approximately 3.42 billion US dollars – were withdrawn in May. These outflows suggest that investors intend to hold their coins long-term and are therefore transferring them to private wallets. This trend could reduce the available supply on the market, potentially stabilizing or even driving up prices in the medium term.
Technological Developments as a Potential Price Driver
One possible reason for the increased interest in long-term ETH investments is the upcoming Pectra upgrade. This technical development aims to improve the scalability and efficiency of the Ethereum network. Such upgrades can strengthen confidence in the long-term future of the blockchain – provided they are successfully implemented.
Our Assessment
Ethereum is currently in a transitional phase. The strong price increase in May created short-term euphoria, but the caution of long-term investors is a sign to be prudent. The large-scale ETH withdrawals from exchanges point to a long-term holding strategy by many investors. At the same time, the Pectra upgrade could provide new momentum. For you as an investor, this means: closely monitor market sentiment and base your decision to enter or take profits on well-founded data.
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