While Ethereum has experienced some rebound in the last day gaining by 3.21%, investors remain uncertain of a full price recovery with bearish sentiments raving through the market. Notably, an Ethereum ICO participant has now sold off a substantial amount of ETH intensifying concerns of a prolonged downward trend.

Ethereum ICO Wallet Continues Selling Spree, Offloads 40,000 ETH In Two Weeks

According to data from blockchain analytics firm, Lookonchain, an Ethereum wallet with the address �?xBF4�?moved 6,000 ETH worth $14.11 million to the Kraken exchange on Friday. So far, the address has been identified as an early Ethereum investor who acquired 150,000 ETH valued at $368 million in the asset’s initial coin offering (ICO) in 2014.

Data from Lookonchain highlights this is the second ETH sale by �?xBF4�?in the last week after the ICO participant initially sold 19,000 ETH, valued at $47.54 million over Wednesday and Thursday. Notably, this ETH whale has transferred out 40,000 ETH worth $101 million since September 22, holding a balance of 99,500 ETH valued at $238 million.

Generally, massive token offloads by large holders e.g. whales are interpreted as bearish signals as they indicate a lack of confidence in the asset’s long-term profitability. Sales such as those seen from �?xBF4�?may trigger a panic selling from smaller investors inducing a stronger downward pressure on Ethereum’s price.

Related Reading: Crypto Capo Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It Time To Go Long?

108,000 ETH Moved To Exchanges In 24 Hours

Aside from the wallet address �?xBF4�? other investors have recently sold off large amounts of ETH. According to analyst Ali Martinez, 108,000 ETH valued at $259.2 million have been transferred to exchanges in the last day. This massive sale activity indicates a heightened sentiment in the ETH market. 

Currently, Ethereum trades at $2,399 following its recent price rally. However, its daily trading volume has declined by 17.48% and is valued at $14.61 billion. If bearish sentiments persist, ETH could retrace to around $2,200 at which lies its next significant support price level. However, amidst massive selling pressure, the altcoin could trade as low as $1,600.

With a market cap of $291.40 billion, Ethereum continues to rank as the second largest cryptocurrency, with a market dominance of 13.47%.

Featured image from NullTX, chart from Tradingview