ETH profit-taking hits 3-week high despite price correction

Despite Ethereum (ETH) falling by approximately 5.5% over the past three days, network-wide profit-taking has surged to a three-week high of $74.58 million, Santiment reported on X. The analytics firm explained that wallets that acquired ETH below $2,000 in February and March are still in profit and are cashing out during the current correction. With ETH consolidating around $2,241 on the four-hour chart, on-chain transaction volume has increased, leading to what Santiment describes as an aggregation of many small gains into large-scale profit-taking. The firm noted that while the market calls for caution, the trend is not necessarily bearish, adding that a future increase in loss realization could signal a market bottom.