Ether, the native coin of the Ethereum blockchain, was one of the top performers in recent weeks.

The coin rallied past the $4,700 level last week but failed to take out its previous all-time high.

Since then, Ether has lost roughly 10% of its value and now trades around $4,200 per coin.

ETH has held its support level above $4,100 and could recover to new highs if bullish momentum returns.

Ether is down 1% in the last 24 hours and currently trades at $4,239 per coin.

The second-largest cryptocurrency by market cap tested the $4,187 support earlier today but has bounced back above $4,200.

The bearish performance comes as a wallet linked to an early Ethereum ICO participant sent 4,460 ETH (roughly $19 million) to Kraken on Monday.

This transaction shows a growing potential selloff trend as Ether and other leading cryptocurrencies underperform. 

According to Arkham, the same address (starting 0x815) has deposited 9,803 ETH, worth about $43.9 million, to exchanges.

Following these transactions, the wallet’s balance now sits at just 197 ETH.

Arkham added that the address had previously moved 2,000 ETH ($8.6M), 1,162 ETH ($5.2M), and 1,060 ETH ($5.1M) to various exchanges.

The blockchain intelligence firm also revealed that another  ICO-era wallet moved $1.5M in ETH originally purchased for $104.

The various on-chain movements this week likely played a part in Ether’s bearish trend despite the broader cryptocurrency market currently undergoing a correction. 

However, while retail traders sell, institutions continue to buy more Ether and Bitcoin.

BitMine (BMNR) revealed on Monday that it had increased its treasury by 373,000 ETH, valued at approximately $1.7 billion.

With this latest acquisition, BitMine’s Ether holdings now stand at 1,523,373 tokens valued at $4,326 per token ($6.6 billion). 

The ETH/USD 4-hour chart remains bearish thanks to Ether’s recent negative performance.

The technical indicators remain bearish but could improve as the bulls hold the price above $4,100.

The RSI of 44 shows that sellers are in control, but Ether is yet to enter the oversold territory.

Furthermore, the MACD lines crossing over into the negative territory suggest a bearish bias.

With the $4,160 support holding, Ether could bounce back and target the nearest resistance and TLQ zone at $4,559.

An extended bullish run would allow Ether to surpass its all-time high of $4,891 and set a new one around $5k.

However, with the market still undergoing a correction, the bulls might not defend the $4,100 zone for much longer.

If the support level fails, Ether could retest the flip zone at $3,895 over the next few hours or days.

The low of $3,332 set earlier this month seems like a strong support in the near to medium term.

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