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An Ethereum (ETH) Initial Coin Offering (ICO) participant recently sold 3,000 ETH, valued at $7.64 million. This sale occurred today at 10 AM UTC and follows a previous sell-off of 7,000 ETH ($24.28 million) on July 1, which resulted in a 15% drop in the cryptocurrency’s price. 
This whale originally received 254,908 ETH during the ICO, paying an initial cost of $79,000. Today, that ETH is valued at $646 million, with the whale still holding 37,070 ETH ($93.8 million), according to <a href="https://x.com/lookonchain/status/1849376476791177670" rel="nofollow" target="_blank">Lookonchain</a>. 
<img decoding="async" src="https://pbs.twimg.com/media/GapN54zbUAA1XeU?format=jpg&amp;name=4096x4096" alt="Image" title="Ethereum Whale Sells 3K ETH—Is Another Price Drop Coming? 19"> 
<a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ether’s</a> price currently stands at $2,521.30, having declined 9.6% from October 20 to October 23. This downturn erased the gains from the previous 10 days, with ETH now stabilizing near $2,500. Over the past 30 days, the cryptocurrency’s price performance has been negative, dropping by 6%. 
<img loading="lazy" decoding="async" class="size-full wp-image-52270 alignnone" src="https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap.png" alt="ETH 7D graph coinmarketcap" width="1200" height="800" title="Ethereum Whale Sells 3K ETH—Is Another Price Drop Coming? 20" srcset="https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap.png 1200w, https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap-300x200.png 300w, https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap-1024x683.png 1024w, https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap-768x512.png 768w, https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap-750x500.png 750w, https://crypto.ro/en/wp-content/uploads/2024/10/ETH_7D_graph_coinmarketcap-1140x760.png 1140w" sizes="(max-width: 1200px) 100vw, 1200px"> 
The chances of ETH reclaiming the $2,800 support level are diminishing. Onchain data suggests that high transaction fees are discouraging activity on the Ethereum network, reducing demand for ETH staking. 
Over the same period, the total cryptocurrency market capitalization fell by 5%, contributing to Ethereum’s decline. However, the broader market has performed better than ETH, with a 1.9% increase over the past 30 days, highlighting ETH’s 8% underperformance. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/0192ba9e-32f2-748e-999c-c3a57ff4352a" alt="0192ba9e 32f2 748e 999c c3a57ff4352a" title="Ethereum Whale Sells 3K ETH—Is Another Price Drop Coming? 21"> 
Competing Networks Gaining Momentum 
Ethereum’s network congestion and high transaction fees, averaging $4 over the past two weeks, have strengthened the appeal of lower-cost competing blockchains such as Solana. According to DefiLlama, Solana recorded $13.4 billion in transaction volume over the past week, 67% higher than Ethereum’s volume. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/0192ba9e-70a0-7328-b628-6fa3c434c0ea" alt="0192ba9e 70a0 7328 b628 6fa3c434c0ea" title="Ethereum Whale Sells 3K ETH—Is Another Price Drop Coming? 22"> 
In the decentralized exchange (DEX) space, Ethereum’s performance has been weaker, with volumes on platforms like Uniswap and Curve Finance falling by 18%. Meanwhile, Solana-based DEXs Raydium and Lifinity saw substantial growth, with volume increases of 42% and 77%, respectively. 
Ethereum’s total value locked (TVL) in decentralized finance (DeFi) has also decreased by 5%, with 18.2 million ETH currently locked. The number of staked ETH has similarly declined, with a net decrease of 191,000 ETH over the past month, valued at $492 million. 
As Ethereum faces competition from other blockchains, the upcoming Prague-Electra upgrade, scheduled for 2025, aims to address scalability concerns. However, uncertainty remains about whether it will be enough to solve the network’s current issues.

Ethereum Whale Sells 3K ETH—Is Another Price Drop Coming?

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