Movement of Old Ethereum and Limited Exchange Reserves

After the price of Ethereum increased from $1500 to $2700, the movement of old coins in this network on September 30 has attracted market attention. Sentiment data shows that inactive Ethereums recorded their largest movement since early June on this date. The average age of consumed Ethereum increased to about 9 times the average of working days in September, reaching its highest level since June 2. However, the reserves of Ethereum on exchanges only increased by about 18,000 ETH and decreased by nearly 21,000 ETH the following day. This change was limited compared to the 5.9 million ETH reserves of exchanges and did not indicate significant selling pressure. Analysts have raised the possibility of wallet reorganization, but the identity of the transferors and their objectives remain unclear. Meanwhile, the ratio of bullish to bearish comments about Ethereum has been reported at around 0.89, indicating that market sentiment has reached its most negative level since June 7. Some traders still consider the market structure of Ethereum to be promising. The movement of old coins alone is not a sign of selling, and a decrease in exchange reserves does not guarantee price growth.

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