Ethereum Faces Potential Correction: Long-Term Holders Drive Supply Pressure

Ethereum’s price continues to decline, falling to the $3,210 zone early Saturday as broader market volatility persists. Recent data indicates that Ethereum remains below both its 7-day and 30-day moving averages, confirming a weakening trend over the past week. According to 10x Research, ETH has experienced a -6% weekly decline, driven largely by large outflows from Ethereum exchange-traded funds (ETFs). Over $1 billion in ETH has been withdrawn from ETFs in recent days, marking one of the largest withdrawal periods since their approval.