The price of Ethereum (ETH) has dropped below $2,000 amid a significant sell-off in the broader cryptocurrency market. As of press time, Ethereum is trading down 6.30% at $1,955, with a market cap of $233 billion. This recent development is attributed to dormant Ethereum whales who had purchased a large amount of supply in 2018 and dumped the entire 150,000 ETH on April 18.

Data provider Santiment reports that the movement of dormant assets can indicate major price shifts, usually in a positive direction. Whenever there's a spike in the circulation of dormant ETH coins, they have typically coincided with price bottoms. Furthermore, the mean dollar invested age has been moving downwards over the last week, which is historically better for a bull setup.