Ethereum faces potential price drop as long-term holders sell

Ethereum recently broke the $2,579 resistance level, triggering a surge in activity among long-dormant coins, many of which are being moved to exchanges, according to BeInCrypto citing Glassnode data. This shift suggests long-term holders are looking to profit, potentially creating selling pressure and risking a price drop. Over $135 million worth of ETH was transferred to exchanges on Oct. 14, which could lead to a 10% decline if selling momentum continues. However, if demand strengthens, ETH price could rise toward the next resistance at $3,102.