• Long-term holder sentiment shifts to the optimism-anxiety phase as NUPL enters yellow territory while ETH consolidates.
• Strong accumulation continues with 12 million addresses holding 62.27 million ETH.

As Ethereum[ETH] hovered around $3,200, a subtle but significant shift occurred beneath the surface. Long-Term Holders (LTH), often considered the ‘smart money’ of the crypto market, are showing the first signs of anxiety since November 2024.

This change in sentiment paints a complex picture of market psychology at a crucial price level.

Ethereum’s LTH sentiment analysis

Analysis of Ethereum’s Long-Term Holder NUPL chart shows a critical shift. The chart shows the bars returning to the optimism-anxiety phase (yellow bars) after maintaining confidence levels (green bars) since November 2024.

This transition to yellow territory, with readings around 0.48, suggests LTHs are entering a period of uncertainty, potentially due to Ethereum’s recent price action near the $3,200 level.

Price action and technical structure

Ethereum was trading at $3,217, at press time, showing signs of consolidation after recent volatility. The price structure reveals several key levels.

The formation of higher lows since December 2024 suggests strengthening support,

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Author: Adewale Olarinde

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