According to blockchain analytics platform Spotonchain, an ancient Ethereum whale has quietly offloaded 24.7 million ETH, raising eyebrows in the crypto community. With this whale making major moves, traders are closely watching what might come next for Ethereum. Meanwhile, ETH’s price surged 5.24%, reaching $2,445 and pushing its market cap to $293.4 billion.
Ancient Whale Continues To Sell Ethereum
In just three days, an Ethereum whale, identified by the wallet address ‘0xe3e’, has sold a staggering 10,595 ETH, converting it into $24.7 million worth of USDT. This whale, with a history dating back to the early days of Ethereum, has been consistently selling off portions of its holdings at regular intervals, regardless of market conditions.
What’s most intriguing is the systematic nature of these transactions. The whale continues to sell precisely 87.56 ETH every few minutes, steadily cashing out its holdings. Despite the massive sales, the whale still holds 6,042 ETH, worth approximately $14.7 million—about 36.3% of its original ETH stash.
Whale’s Made $39.34 Million In Profit
Spotonchain also estimates that the whale’s total profit from these trades is a jaw-dropping $39.34 million, reflecting a 451x return on their original investment. This steady selling of Ethereum has caused people in the crypto community to wonder if it’s a sign of bigger changes in the market or simply an experienced investor taking profits after holding for a long time.
Ethereum Price Analysis
Ethereum has bounced back from a $2,380 support base, breaking past $2,400. Now trading above $2,420 and the 100-hourly Simple Moving Average, ETH shows bullish potential with a key support line at $2,380.
However, Ethereum is facing resistance near $2,500, close to the 1.236 Fib extension level from a recent pullback. A break above $2,550 could signal further gains ahead.
As traders and investors keep a close eye on these developments, it remains to be seen how the market will react to the actions of this significant Ethereum whale. Whether this signals a broader trend or is merely an isolated event, the crypto community is abuzz with speculation and anticipation.
