According to CryptoPotato, Ether has experienced a challenging period in terms of price performance since early August, dropping below the $1,800 mark. The trend has consistently exhibited a downward trajectory on longer-term price charts, making it difficult for buyers to reverse this course. As a result, retail traders of Ether appear to be on the run.
Glassnode's latest alert indicates that Ether addresses with more than 1 ETH have been on a significant decline. On September 25th, the number of these holder addresses reached 1.74 million, representing a three-month low. This suggests a dwindling appetite of retail investors for wallets with relatively modest Ether holdings as the market conditions prompted them to reduce their exposure to the crypto asset.
Another cohort of retail holders, the number of addresses holding over 10 ETH, also met a similar fate, reaching a 3-month low of 347.8k. The number of addresses holding 0.1 ETH hit a 5-month low of 5.12 million. Such a pronounced trend among the small Ether addresses could further suggest a lack of confidence in the altcoin's short-term prospects despite minor hints of opportunity for traders. Ether's transaction volume (7d MA) also dropped to $56.13 million, its lowest in eight months. The Ethereum network's average transaction fee declined to its lowest point for the year, coinciding with a decrease in on-chain activity. This decline occurs as the supply of ETH has shifted back to an inflationary phase.
