Ethereum’s 60% May rally pauses: What’s next as THIS group cashes out?

• Ethereum surged 60% in Might, however long-term holders are promoting.
• Over $3.4B in ETH left exchanges, hinting at rising confidence.

Ethereum [ETH] simply pulled off a 60% dash in Might, driving a $3.42 billion wave of contemporary accumulation.

However whereas the bulls had been busy high-fiving, long-term holders began quietly heading for the exit — maybe cashing in, maybe sensing the music could be about to cease.

Cooling off or cooling up?

After surging previous the $2,500 mark in a blistering early-Might rally, Ethereum now seems to be catching its breath.

The each day chart confirmed a noticeable slowdown, with worth motion flattening and quantity scaling down close to the $2,509 stage.

Supply: TradingView

This consolidation follows a 60% rally that noticed ETH peak at $2,617 earlier than retreating barely. In the meantime, the RSI hovered round 67, slightly below the overbought threshold — an indication of bullish momentum.

With long-term holders reportedly trimming positions and patrons exhibiting restraint, ETH appears to be coming into a wait-and-see part.

LTH offloading exhibits uncertainty

In response to Santiment data, the Age Consumed metric has flashed crimson twice in latest days, marking two of the biggest spikes in long-term holder exercise since October.

These abrupt upticks present that seasoned buyers are offloading dormant ETH — typically an indication of profit-taking close to perceived native tops.

Supply: Santiment

The magnitude of those strikes, the biggest in seven months, brings doubt to Ethereum’s short-term outlook.

If conviction amongst LTHs continues to wane, the promoting strain may weigh closely on ETH’s capability to maintain its momentum.

Ethereum exodus

Supply: Cryptoquant

Over the previous month, greater than 1.34 million ETH — price upwards of $3.42 billion — has quietly exited centralized exchanges, exhibiting a powerful shift in investor habits.

The sharp decline in accessible provide, coinciding with momentum from the Pectra improve, exhibits that market individuals are positioning for long-term holds quite than short-term trades.