Ethereum ICO Whale Sells 3,000 ETH Again, Could Another Price Drop Follow?

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An Ethereum whale who participated in the ICO has sold 3,000 ETH, worth $7.64 million, raising concerns about what might happen next to Ethereum’s price. The last time this whale sold a large amount, ETH’s price fell by 15%. With the market already seeing some correction, could this new sale be a sign that another price drop for ETH is coming?

Ethereum Whale Sells $7.64M in ETH

What makes this event particularly noteworthy is the whale’s previous activity. According to blockchain analytics platform Lookonchain on July 1st, this same Ethereum ICO participant sold 7,000 ETH, worth $24.28 million at the time.  Following that sale, the price of ETH took a significant hit, dropping by nearly 15%.

However, the recent sale of another 3,000 ETH, worth about $7.6 million, by this whale signals the possibility of another major price drop for Ethereum. This suggests that the whale’s actions have had a noticeable impact on Ethereum’s price trends. 

Who Is This Whale?

This whale is not just any regular investor. During Ethereum’s Initial Coin Offering (ICO), they bought 254,908 ETH for only $79,000. Meanwhile, fast forward to today, that amount is now worth an incredible $646 million. Despite selling off large chunks recently, the whale still holds a massive amount of Ethereum, with 37,070 ETH remaining, valued at $93.8 million.

While it’s not guaranteed that a price drop will happen again, the historical pattern makes traders cautious about Ethereum’s near-term performance.