Ethereum price is down by more than 5% today, trading around $4,300. This marks one of its sharpest daily drops in weeks. Yet, monthly gains remain intact at more than 13%, showing that the broader uptrend is not broken.

The question now is whether today’s fall is just noise or the start of something deeper. On-chain and technical signals suggest the dip may not last long, with profit booking easing and whales stepping in.

Profit Taking Eases As Whales Add $1 Billion ETH

The Spent Coins Age Band, which tracks when long-held coins are sold, has dropped to a month-low of about 135,000 ETH. This means that long-term holders are selling less — profit-taking has eased sharply compared to earlier in August, when the metric was above 525,000 ETH. That’s a 74% drop.

History shows that when this metric bottoms out, Ethereum often bounces. For example:

• On July 7, spent coins fell to 64,900 ETH, and the Ethereum price rallied from about $2,530 to $3,862 — a 52% jump.
• On August 17, the same pattern led to a 20% move, as ETH climbed from $4,074 to $4,888.

Now, the latest drop back to local lows may again suggest that the wave of selling is waning.

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