Ethereum has been facing a challenging period, with its price falling by nearly 10% over the past week. The cryptocurrency briefly surpassed the $1,900 mark but was unable to maintain momentum and is fighting to remain above it now.

This price drop follows a broader trend of market volatility, which has raised concerns about its price trajectory. This decline in price may be linked to shifting investor sentiment, as on-chain data suggests a notable reduction in large Ethereum transactions.

Ethereum Whales Are Pulling Back

According to crypto analyst Ali Martinezs latest findings, there has been a significant decline in large Ethereum transactions since February 25, with a reported drop of 63.8%. This decrease was indicative of a notable reduction in whale activity on the network, which suggests that large-scale investors may be pulling back or reallocating their holdings. Interestingly, whales sold 760,000 ETH in the last two weeks alone.

This downturn in whale activity coincides with the actions of a long-term Ethereum holder who recently liquidated their remaining assets.

Lookonchains update revealed that an Ethereum OG sold their remaining 2,001 ETH, which is worth around $3.82 million, on April 2nd. The investor originally purchased 5,001 ETH for $1.38 million at $277 per coin back in 2017 and held through Ethereums bull run, even when prices soared to $4,878.

Over the past month, however, they began selling and realized a total profit of $8.66 million in the process. At its peak, the investors unrealized gains reached as high as $23 million.

All Eyes on Pectras Mainnet Launch

Despite the successful finalization of Ethereums Pectra upgrade on the Hoodi testnet, the network has struggled to maintain a meaningful rally. Now, all eyes are on the highly anticipated upgrade on mainnet, which combines improvements from the Prague and Electra proposals. It is set to go live on the Ethereum mainnet on April 30, with a tentative activation scheduled for slot 11,599,872.

There is still optimism that the mainnet launch could generate renewed investor interest and potentially trigger a more significant price movement. The timeline for the upgrade is still subject to final approval, with confirmation expected at the next All Core Developers Execution (ACDE) meeting.