Ethereum Price Fails to Protect $1,600 Level as Crucial On-Chain Metric Revisits 2018 Highs

Glassnode Alerts, an automated alerts service by leading on-chain data vendor Glassnode, reported a rapid spike in the number of Ether (ETH) coins that moved for the last time between 12 and 24 months ago.

Dormant Ether (ETH) number at four-year high: Glassnode

According to a tweet shared by Glassnode Alerts today, Nov. 7, 2022, 35,185,071.976 Ethers (ETH) were moved between wallets 12 to 24 months ago. That said, they stayed dormant for at least one year.

📈 #Ethereum $ETH Amount of Supply Last Active 1y-2y (1d MA) just reached an ATH of 35,185,071.976 ETH

Previous ATH of 35,184,941.152 ETH was observed on 10 October 2018

View metric:https://t.co/UacpFoEAvd pic.twitter.com/EjnaQtwGKx

— glassnode alerts (@glassnodealerts) November 7, 2022

The last time this number of Ethers (ETH) was registered in this category was on Oct. 10, 2018. To provide context, this happened when Ethereum (ETH) was worth $230.

To some extent, this can be interpreted as a signal of confidence demonstrated by long-term holders of Ethereum (ETH) coins amid a bearish recession.

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It also should be noted that the Ethereum (ETH) supply is increasing: as such, the 2018 high was more impressive in term of the share of the dormant Ether supply.

Ethereum (ETH) price rejected at $1,660 twice in 24 hours

On Nov. 4-5, the Ethereum (ETH) price spiked to its highest levels in seven weeks. Its local top was registered over $1,660 on major spot exchanges.

Besides an overall increase in cryptocurrency capitalization, the Ethereum (ETH) price spike can be attributed to the release of the updated post-Merge roadmap by Vitalik Buterin.

However, Ethereum (ETH) failed to expand this upsurge further: currently, the second cryptocurrency is changing hands at $1,580, being down 3% in 24 hours.