According ethereum/” target=”_blank”>CoinMarketCap dataethereum price fell 10.23% in the last seven days, in line with the overall negative market movement. This decline in the cryptocurrency market has been attributed to multiple factors, including rising geopolitical tensions in the Middle East and increased liquidations of long positions.
While ethereum has seen some rally in the past day, gaining 3.21%, investors remain unsure of a full price recovery and bearish sentiments are spreading across the market. Notably, an ethereum ICO participant has now sold a substantial amount of eth, intensifying concerns about a prolonged downtrend.
ethereum ICO Wallet Continues to Sell, Downloads 40,000 eth in Two Weeks
According x.com/lookonchain/status/1842224532482040214″ target=”_blank”>blockchain analysis company data
Data from Lookonchain highlights that this is the second eth sale by “0xBF4” in the last week after the ICO participant initially sold 19,000 eth, valued at $47.54 million, over Wednesday and Thursday. In particular, this eth whale x.com/lookonchain/status/1841658980130816280″ target=”_blank”>has transferred withdrew 40,000 eth worth $101 million since September 22, with a balance of 99,500 eth valued at $238 million.
Generally, massive downloads of tokens by large holders, for example whales, are interpreted as bearish signals, as they indicate a lack of confidence in the long-term profitability of the asset. Selling like that seen on “0xBF4” may trigger panic selling by smaller investors, which will induce further downward pressure on the price of ethereum.
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108,000 eth moved to exchanges in 24 hours
In addition to the “0xBF4” wallet address, other investors have recently sold large amounts of eth. According x.com/ali_charts/status/1842194711991202250″ target=”_blank”>analyst Alí Martínez108,000 eth valued at $259.2 million were transferred to exchanges in the last day. This sell-off activity indicates increased sentiment in the eth market.
ethereum is currently trading at $2,399 following its recent price rally. However, its daily trading volume has decreased by 17.48% and is valued at $14.61 billion. If bearish sentiments persist, eth could pull back to around $2,200, where its next significant price level lies. However, amid enormous selling pressure, the altcoin could trade as low as $1,600.
With a market capitalization of $291.40 billion, ethereum continues to rank as the second largest cryptocurrency, with a market dominance of 13.47%.
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