Ethereum Price: ICO Whale Dumps ETH, A Further Dip Ahead?

Highlights

Ethereum price drops 4% amid market volatility, triggering speculation on future movements.
An ICO whale has made a significant dump, intensifying concerns over Ethereum's trajectory and market stability.
Additional whale transactions to Coinbase raise worries about increased Ethereum price volatility.

The Ethereum price faces turbulence as it witnesses a decline of nearly 4% amid the broader crypto market fluctuations. Meanwhile, the recent dip in the ETH price has fuelled discussions in the crypto market, with investors speculating over the potential price movements in the coming days.

Notably, the recent whale activities, especially from an ICO whale, have heightened speculations about Ethereum’s future trajectory, adding to investor concerns.

Whale Activities Sparks Concerns Over Ethereum Price

The Ethereum price has witnessed a notable decline over the last few days, especially after the U.S. SEC potentially delayed approving the Ethereum ETF approval. In addition, the investigation by the U.S. SEC over Ethereum’s security status has further dampened the investors’ sentiment.

Meanwhile, amid the topsy-turvy scenario in the market, Spot On Chain, an on-chain data provider, revealed significant activity from an Ethereum ICO participant. This participant sold 2,000 ETH for 6 million USDC at $2,997, indicating a sizable offload of Ethereum assets.

Notably, the whale, who initially acquired 33,213 ETH during Ethereum’s Genesis ICO in 2015, has already deposited 5,110 ETH to Kraken or sold via DEX at approximately $2,545. However, despite this sell-off, the whale still holds approximately 29.7K ETH, valued at $89.4 million, across three wallets, primarily within staking platforms.

In addition, Whale Alert reported additional Ethereum transactions suggestive of potential whale dumps. An unknown wallet transferred 10,806 ETH, worth $32.13 million, to the Coinbase exchange, while another whale moved 10,726 ETH, valued at around $31.90 million, to the same exchange.

These sizable transfers to the leading crypto exchange have intensified concerns among investors regarding increased volatility in Ethereum’s price trajectory. However, amid these worries, analysts are cautiously optimistic about a potential market resurgence, driven by anticipation surrounding the upcoming Bitcoin Halving event.

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Price Performance & Market Sentiment

In a noteworthy development, the recent approval of Bitcoin and Ethereum ETFs in Hong Kong has injected optimism into the market. This regulatory milestone has uplifted sentiment among market participants, offering a glimmer of hope amid the current market turbulence.

While uncertainties loom over Ethereum’s short-term performance due to whale activities, the broader crypto market remains buoyed by positive developments such as regulatory approvals and anticipation of significant events like the Bitcoin Halving. It’s worth noting that several analysts have also warned about potential short-term volatility during the Halving event.

Meanwhile, as of writing, the Ethereum price traded at $2,978.31, down 3.45% from yesterday, while its trading volume over the last 24 hours rose 10.77% to $18.58 billion. Notably, the Ethereum price has plunged over 16% over the last seven days, while noting a monthly decline of around 18%.

Also Read: Bitcoin’s L2 Merlin Chain Unleashes Half of MERL Airdrop Tokens at TGE

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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