Over the past few months, a noticeable trend has emerged in the movement of large Ethereum wallets. An ETH founder apparently resumed activity after seven months and transferred about $157 million worth of 79,176 ETH to a major exchange. Every time such large transactions occur, the market reacts, but this timing feels somewhat questionable.

The reason is that, although ETH is trading around $2,300, it has been fluctuating around the $2,000 level. Analysts see the $1,850 to $1,900 range as the next support zone. It also seems that institutional investors are slowing their buying pace, with spot ETF funds continuing to see outflows of over $80 million per day. Fidelity's fund is particularly notable.

Another concern is that, among Ethereum's co-founders, a different founder sold a large amount of ETH in February. Wallets of early investors have also moved after more than ten years, and when such supply pressures stack up, they tend to push prices downward. Additionally, rising oil prices due to Middle Eastern geopolitical risks are also contributing to a broad weakening of risk assets.