Ethereum is experiencing a challenging period: a 10% price drop over the week and a reduction in large holder activity.
Price Drop and Market Impact
Last week, Ethereum's price fell by nearly 10% after briefly surpassing the $1,900 mark. This price decrease follows a broader trend of market volatility, raising concerns about the future price trajectory.
Decline in Whale Activity
According to crypto analyst Ali Martinez, there has been a significant decline in large Ethereum transactions since February 25, with a reported drop of 63.8%. This indicates a reduction in whale activity on the network as large-scale investors may be pulling back or reallocating their holdings. In the last two weeks alone, whales sold 760,000 ETH.
Expectations from Pectra Mainnet Launch
Despite the successful completion of the Pectra upgrade on the Hoodi testnet, Ethereum has struggled to sustain a significant rally. Attention is now on the upcoming mainnet upgrade, combining improvements from the Prague and Electra proposals, scheduled to go live on April 30. There is hope that the launch could attract investors and trigger a price increase, though final approval is expected at the next All Core Developers Execution meeting.
The period of decline and reduced large player activity raises investor concerns. However, the upcoming Pectra upgrade may stimulate price growth and attract new investments.
