Ethereum has witnessed significant outflows from some of its long-term loyalists amid the market shake-up. According to Santiment’s Mean Coin Age data, a network-wide sell-off has occurred, especially among long-term investors. 

Mean Coin Age evaluates the market sentiment of long-term investors by measuring the average number of days that coins in circulation have spent in their current addresses.

The chart below shows that ETH Mean Coin Age dropped 9% from 37.87 to 34.56 between June 4 and June 15. 

When Mean Coin Age drops considerably within a short period, it suggests many long-held coins are being offloaded. This can impact ETH prices negatively, as strategic investors may interpret it as the onset of a network-wide sell-off.

If the sell action continues and ETH is unable to attract sufficient demand, the bearish trend may linger in the coming weeks.

Over the past week, general market sentiment surrounding ETH has slipped into the critically negative area. Santiment’s Weighted Sentiment chart evaluates the trending media opinions by comparing positive mentions of an asset against the negatives. 

As seen below ETH Weighted Sentiment has now remained below the critical  2.0 zone since June 9. 

In concise terms, there are more than two negatives for every optimistic opinion about Ethereum. This indicates that the bears are now firmly controlling the media narratives. 

If this trend lingers, it could sway a significant portion of potential ETH investors to become bearish over the coming days.

In summary, the ongoing network-wide sell-offs and extreme negative market sentiment could potentially send ETH prices lower. 

Based on the abovementioned factors, ETH will likely drop below $1,500 in the coming weeks. However, the bears must first battle the initial support at $1,600. 

At that zone, the In/Out of Money Around Price data shows a cluster of 2.3 million investors who had bought 2.6 million ETH at an average price of $1,607. 

If the bears can clear that support zone, ETH will likely drop toward $1,500.

Still, the bulls could invalidate the negative stance if ETH can rebound above $1,700 again. However, the sell-wall mounted at the average price of $1,704 could stand in the way of that. As seen above, a cluster of 1.34 million investors holding 2.33 million ETH may sell around that price. 

If the bulls flip that resistance, ETH may climb further toward $1,900.

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