Retail Ethereum Traders Flee As ETH Price Struggles To Hit $1,600

Ether has faced a challenging period in terms of price performance since early August, falling below the $1,800 mark. The trend has consistently shown a downward trajectory on longer-term price charts, making it a daunting task for buyers to reverse this course.

As a result of this further bearish market structure, retail Ether traders appear to be fleeing.

• According to the latest Glassnode report alertEther addresses with more than 1 eth have seen a significant decline.
• As of September 25, the number of addresses of these holders in this cohort had reached 1.74 million, representing a three-month low.
• This suggested a declining appetite by retail investors for portfolios with relatively modest Ether holdings, as market conditions led them to reduce their exposure to the crypto asset.
• Meanwhile, another cohort of retail holders (the number of addresses holding more than 10 eth) also suffered a similar fate, hitting a 3-month low of 347.8k.
• The number of addresses holding 0.1 eth also hit a 5-month low of 5.12 million.
• Such a pronounced trend among small Ether addresses could further suggest a lack of confidence in the altcoin’s near-term prospects despite small hints of opportunity for traders.
• Furthermore, the trading volume of Ether (7d MA) also abandonment to $56.13 million, its lowest level in eight months.
• The average transaction fee of the ethereum network also refused to its lowest point of the year, coinciding with a decrease in chain activity.
• It is worth noting that this decline comes as the supply of eth has returned to an inflationary phase.

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