Ethereum Market Volatility Surges After Massive Sell-Off: What’s Next?

• Large ICO participant’s ETH sell-off increases volatility in the Ethereum market.  
• Ethereum sell-offs cause downward pressure, leading to price fluctuations.  
• Bearish momentum persists, with MACD negative and RSI below the neutral level.

An Ethereum ICO participant has been selling large amounts of Ethereum (ETH), causing a stir in the crypto market. Over the past two days, the participant has yet again sold 19,000 ETH, worth roughly $47.54 million.

This follows a similar event in September, when the same participant transferred over 12,000 ETH, worth $31.6 million, to the Kraken exchange. These moves have caused market shifts and increased volatility in Ethereum’s price.

The Ethereum wallet, which received 150,000 ETH during Ethereum’s Genesis event, had been inactive for over two years before these transactions. The total value of ETH in this Genesis wallet was $46.5K, and it has grown to about $358 million.

This wallet became active on September 27, 2024, transferring large amounts of ETH to the Kraken exchange. The wallet first moved 3,500 ETH, and then another 5,000 ETH, paying minor transaction fees.

Ethereum Price and Market Response

Ethereum’s price fell by 3.5%, trading at $2,387.53 at the time of this transaction. The price had been declining from earlier peaks, with sell-offs like 3,510 ETH and 6,000 ETH causing further price drops.

Read also: Ethereum Could Plummet to $1,200 by December, Analyst Warns

The largest single sell-off of 6,000 ETH towards the end of the chart caused a price drop, taking Ethereum down to the $2,400 level.

Technical Analysis: Key Levels and Indicators

As of press time, Ethereum was trading at around $2,393.95, slightly recovering 1.55% for the day. However, key technical indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), still show bearish momentum. 

The MACD remains bearish, with a negative histogram value. The RSI sits at 42.23, below the neutral 50 mark, suggesting that Ethereum is not yet oversold.