Ethereum ICO Whale Sells 20,000 ETH ($58M) Amid Market Pressure

Ethereum is experiencing increased selling pressure, trading below the critical $3,000 level. The asset is now nearly 40% below its August all-time high, raising concerns of a potential bearish phase. Key points include:

Large holders are reducing exposure, as seen with a recent sale of 20,000 ETH (approximately $58.14 million) by an Ethereum ICO participant.
The wallet responsible for the sale originally received 254,908 ETH during the ICO, now worth roughly $757 million.
Current market sentiment is fragile, with retail confidence declining and leverage unwinding across derivative markets.

The Ethereum chart shows a breakdown in trend structure, with resistance forming from key moving averages. A recovery above the $3,000–$3,200 area is crucial to regain bullish momentum, while continued weakness could signal a deeper downtrend.

Ethereum ICO Whale original holdings | Source: Lookonchain

Volume has increased during the decline, indicating active distribution. The lack of strong volume follow-through on rebounds suggests hesitation among buyers. Investors will be watching closely to see if Ethereum can stabilize or if selling pressure will continue to accelerate.