Ethereum (ETH) Price Analysis: ETH Drops 10% Weekly as Pre-ICO Whale Offloads $101M Worth of ETH

Ethereum has experienced a significant price decline, dropping 10.23% over the past seven days, as reported by CoinMarketCap. This downturn follows the broader crypto market trend attributed to several factors

Major Ethereum (CRYPTO: ETH) ICO participant has moved 6,000 ETH ($14.11 million) to the Kraken exchange, according to blockchain analytics firm Lookonchain.

The wallet, known as "0xBF4," was part of the initial 2014 Ethereum ICO, where it acquired 150,000 ETH.

Over the past seven days, the wallet has sold a total of 40,000 ETH ($101 million), with an additional 19,000 ETH (>$47.54 million) being sold on Wednesday and Thursday.

The wallet currently holds 99,500 ETH (>$238 million) after the recent sales.

Such large-scale token sales by major holders, also known as "whales," are typically viewed as bearish indicators.

What Happened: Large token sales by major holders are generally seen as a sign of pessimism regarding the asset's future profitability. Such sales can trigger panic among smaller investors, further driving down the price.

In the past 24 hours, the selling spree has not been limited to the "0xBF4" wallet. According to analyst Ali Martinez, 108,000 ETH (>$259.2 million) have been moved to exchanges, indicating a strong market sentiment.

Ethereum is currently trading at $2,399 after its recent price rally. However, daily trading volume has decreased by 17.48%, now valued at $14.61 billion.

If bearish trends continue, Ethereum could drop to its next major price level around $2,200, with potential to trade as low as $1,600 amidst ongoing selling pressure.

Despite the recent downturn, Ethereum remains the second-largest cryptocurrency with a market capitalization of $291.40 billion, maintaining a market dominance of 13.47%.

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