ICO builders had too much Ethereum. They sold them and the price fell down. This is okay, but there is another situation. Even the Genesiss block came up with sales, which frightened me. Money owners making new plans.
There are many greedy ICOs who actually didn't sell their ETH yet. They got greedy and didn't want to sell it for $1000 or $500 and are now stuck holding it at $200. The issue with this is that every rally will most likely get shorted down hard. Hence why it was easier for BTC to rally but not ETH.
The Genesis block is because ETH was technically premined, the coins were the devs. And the rest was sold as an ICO and the rest was left for the miners. I am pretty sure most of the people who bought the ICO at like $1 an ETH already sold at $5, $10, or $20.
The ETH that belonged to the devs they also sold some of it, I think Vitalik sold some ETH at $15 a coin back in 2016. But he still holds a large chunk.
I remember this news when vitalik sold some of thier ETH but there are still many ETH left base on his address
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How i wish i already know crypto when ETH make there ICO.