Yeliz Akmaca 
Ethereum’s long-term holders (LTH) have increased selling pressure. The on-chain metric Ethereum Liveliness reached an all-time high of 0.69 on June 20. This metric indicates that long-held ETH have started moving again. Long-term investors moved their coins to exchanges to sell.
According to Glassnode data, this rise shows LTHs losing confidence and liquidating their coins. Ethereum Liveliness is calculated as the ratio of coin days destroyed to coin days accumulated. When this ratio increases, distribution rises, and the accumulation phase ends.
CMF Remains in Negative Territory
The Chaikin Money Flow (CMF) indicator is currently at -0.08. A negative CMF signals reduced capital inflow to ETH and declining buying interest. This decline suggests most Ethereum investors prefer to stay on the sidelines due to market stagnation. Falling buying interest combined with selling pressure increases downward price pressure on ETH.
New Lows Possible for Ethereum Price
ETH is currently trading around $2,429. If LTH selling continues, the price could drop to $2,185 and then to $2,027. These levels are short-term support zones. According to FXStreet data, 72,000 ETH entered exchanges on June 20, indicating LTHs are preparing to sell and increasing market selling pressure. TradingView data shows Ethereum is the second most traded cryptocurrency with about 552K active addresses, reflecting direct trading activity only.
Additionally, the daily (14-period) RSI for Ethereum was about 46.5 on June 21, 2025, a neutral zone around 50, indicating neither oversold (<30) nor overbought (>70) conditions.
However, a potential demand rebound could reverse this downtrend. With renewed investor interest, ETH price could rise up to $2,745. For this scenario, market momentum must strengthen.
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