Retail traders on Ethereum have been making interesting moves in recent days. Despite the price rising, small investors are selling en masse.

When I look at Santiment's on-chain data, wallets in the 0-0.01 ETH range, meaning retail investors, have been accumulating since April. They held onto their assets even when prices fell. But with the recent price recovery, the situation has reversed. In the last two days, this group has given up 1,791 ETH. In other words, retail traders believe the rally won't continue and have started taking profits.

The interesting part is this: historical data shows that markets often move in the opposite direction of the crowd's expectations. Retail investors think that the +17% increase we've seen since March 29 is a trap, but this actually increases the likelihood that the bullish momentum will continue. Now, we need to see whether this wave of selling will persist or if ETH's rise will continue on its own path. Ethereum is currently around $2.32k.