For $ETH holders, the question now isn’t when to sell, but how much conviction is left in the idea of “waiting for the ATH to return.” The volume spike to $27B on September 22 pushed the price to $2,775, as if a change of pace were underway. But a month later, it had fallen back to $2,416, while 24-hour trading volume dropped to $6B. The money that drove the price up didn’t stick around—that’s a clearer fact than the price itself.

Then look at October 16: trading volume surged to $19B, yet the price barely moved. This kind of divergence between price and volume looks more like a rotation of holdings than a rush to get in. $ETH has been grinding within the $2,397–$2,500 range. A 30-day change of -1.81% looks mild, but against the broader market’s pace, it’s using time to test your patience. Its $295B market cap shows it remains a pool for institutional money to move in and out of, but in the short term, the market looks more like funds are waiting than buying.

The metric holders should really watch isn’t whether the price can reclaim $2,500, but whether 24-hour trading volume can stay above $10B for three consecutive days. Without volume, any rebound will look like the October 14 spike to $2,496 that was promptly knocked back down. If the price consolidates around $2,416 on declining volume, this cycle’s bottom hasn’t been confirmed. “Volume leads price” matters more for $ETH than watching any support level.