Ethereum Price Teeters on 15% Drop as ICO Whale Dumps Another $7.6M ETH: Crash Imminent?

While the market does not appear to have acted brashly to the sell-off, today has seen a 1.48% markdown in the Ethereum price.

This marks a continuation of a slow decline for Ethereum over the past week, down 3.03%. While other notable altcoins have ridden the bullish waves this month, ETH has drowned.

However, today’s events have sparked a flurry of engagement, with trading volume up 43%, reaching $19.50 billion.

Ether ICO Whale Dump 3000 ETH: Is an Ethereum Price Crash Imminent?

In an October 24th X post, blockchain analytics service LookOnChain noted that a whale associated with Ethereum’s initial coin offering (ICO) had chased out another 3000 ETH, worth $7.64 million.

The same address previously sold 7,000 ETH in July, just before the Ethereum price took a 15% plummet, according to the report.

Out of a total of 254,908 ETH received during the Ethereum ICO in 2014, the whale still holds 37,070 ETH, worth roughly $94 million.

Upon closer inspection, technical indicators suggest a potential dip of a similar magnitude as the Ethereum price approaches a possible breakout from a bearish pennant pattern.

This pattern often represents a temporary pause in a prevailing downtrend.

The concern for a potential drop is further supported as the MACD line appears to be amidst a crossover below the signal line, a move which, in recent history, has consistently led to significant dips for ETH.

If the pattern prevails and a breakout materializes, the price target would be set around $1500. However, a long-term proven support line favors an early bailout at around $2050, a 15% drop from current prices.

Maintaining a position above the 50SMA will be pivotal to avoid a crash. Otherwise, a retest of the lower support of the pattern on weak footing could trigger a breakout.

This New Low Cap Gem Could Be The Play This Cycle

While Ethereum continues to underperform, it is in question whether it is the right play this cycle.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.