Ethereum continues to trade below the critical $3,000 level as selling 
pressure intensifies and fear dominates sentiment across the crypto market. 
The broader downturn has pushed ETH nearly 40% below its August all-time high, 
raising concerns that the asset may be entering a prolonged bearish phase. 
Analysts who were once confident in a continued rally are now shifting their 
tone, warning that market structure, volatility, and liquidity conditions are 
beginning to resemble early-stage bear market behavior. Related Reading: 
Bitcoin Short Squeeze Flushes Out Late Longers as Funding Turns Negative: 
Classic Capitulation Signal At the same time, investor confidence is being 
further tested by fresh on-chain activity showing large holders reducing 
exposure. According to data from Lookonchain, an Ethereum ICO participant has 
sold another 20,000 ETH, valued at approximately $58.14 million, through 
FalconX just a few hours ago. With selling pressure accelerating, derivatives 
sentiment weakening, and long-term holders beginning to reduce positions, 
Ethereum now sits at a pivotal moment. Bulls must reclaim the $3,000 region to 
stabilize momentum, while bears argue that a deeper correction could unfold if 
support continues to erode. ICO Whale Selling Raises Pressure as Ethereum 
Awaits Direction According to Lookonchain, the wallet behind the latest sale — 
identified as address 0x2eb0 — is no ordinary holder. This Ethereum OG 
received 254,908 ETH during the ICO, paying just $79,000 at the time. At 
today’s prices, that allocation is worth roughly $757 million, highlighting 
the scale of unrealized gains still held by early participants. The recent 
sale of 20,000 ETH suggests that even long-standing holders with substantial 
profit cushions are beginning to offload coins, adding to the already fragile 
market environment. This selling activity is particularly impactful given the 
current sentiment. Ethereum has already fallen sharply from its highs, 
leverage has unwound across derivatives markets, and retail confidence has 
thinned. When an early participant with a cost basis near zero begins 
distributing, it sends a psychological signal that further downside is 
possible. Yet, some analysts argue that these sales may simply represent 
portfolio rotation rather than a long-term bearish stance. The coming days 
will be decisive, as investors watch whether Ethereum can stabilize and 
rebound or if selling pressure accelerates. A recovery above $3,000 could 
revive optimism and reset momentum, while continued weakness risks confirming 
a deeper downtrend for both ETH and the broader market. Related Reading: XRP 
OI Collapses to Lowest Level Since Nov 2024: Binance Data Shows Liquidity Is 
Fading Breakdown, Weak Structure, and Fragile Bounce Attempt Ethereum’s weekly 
chart reveals a clear deterioration in trend structure following the sharp 
rejection from the $4,400 region and the subsequent breakdown below the $3,200 
support zone. The selloff pushed ETH toward the mid-$2,700s before a modest 
rebound, but the price remains below key moving averages, signaling that 
momentum continues to favor sellers. The 50-week moving average has rolled 
over, while the 100-week and 200-week moving averages now sit overhead, 
forming layered resistance that could cap any recovery attempts in the short 
term. Related Reading: Bitmine Scoops Up Another 28,625 Ethereum ($82.1M) as 
Market Bleeds – Details Volume during the decline expanded noticeably, 
indicating active distribution rather than passive drifting. The most recent 
candle shows a small bounce, but with no strong volume follow-through, 
suggesting hesitation and lack of conviction among buyers. For Ethereum to 
regain bullish structure, reclaiming the $3,000–$3,200 area is essential, as 
this zone acted as a pivotal support throughout earlier phases of the cycle 
and now threatens to flip into resistance. Featured image from ChatGPT, chart 
from TradingView.com

Ethereum ICO Whale Sells 20,000 ETH ($58M), Raising Questions Over Market Timing

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Strategy is reassuring investors that its towering Bitcoin stash still dwarfs 
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Cryptocurrency price in PKR