On June 20, a crucial on-chain metric used to monitor the activities of Ethereum's long-term holders (LTHs) reached its all-time high, suggesting increasing selling pressure from this group. This development occurred amidst a significant cooling of broader market momentum. With demand for Ethereum (ETH) weakening and investors largely remaining inactive due to the ongoing market stagnation, bearish sentiment is on the rise.

According to Glassnode, during Friday's trading session, ETH's Liveliness surged to an all-time high of 0.69. This metric assesses the movement of long-held or dormant tokens by calculating the ratio of an asset's coin days destroyed to the total coin days accumulated.

When this metric decreases, it indicates that the long-term holders of an asset are transferring their holdings off exchanges, which is viewed as a sign of accumulation. Conversely, when it increases, as is the case with ETH, it signifies that these holders are moving their coins onto exchanges to sell them.

The spike in ETH's Liveliness to 0.69 implies that its long-term holders are progressively liquidating their positions amid rising uncertainty. This reflects a growing lack of confidence in the short-term price recovery of the coin.

Further evidence supporting this bearish trend can be observed on ETH's daily chart, where the coin's Chaikin Money Flow (CMF) is negative and declining. At present, ETH's CMF stands at -0.08, indicating a reduction in capital inflows.

The CMF indicator gauges the flow of money into and out of an asset. A negative value for this indicator signals low buying interest and confirms the transition towards distribution rather than accumulation.

The continuous selling by Ethereum's long-term holders, coupled with decreasing market-wide demand for the coin, might result in a more substantial correction in the near future.

As of the latest report, the leading altcoin is trading at $2,429. If the selling continues among experienced holders of ETH, the coin could fall to $2,185. Should this support level fail to hold, the coin may decline further to $2,027, a level it last touched in May.

On the other hand, a renewed increase in demand for the altcoin would negate this bearish outlook. In such a scenario, its price could reverse its downtrend and rise towards $2,745.

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