Ancient Ethereum Whale Sells $24.7M ETH: Is the Bull Run Over?
Mustafa Mulla19 Sept 20242 min read
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.
A Systematic Ethereum Sell-Off
In just three days, the whale behind wallet ‘0xe3e’ has sold 10,595 ETH, converting it into $24.7 million worth of USDT. This whale, active since Ethereum’s early days, has been selling off chunks of ETH at regular intervals, unaffected by market trends.
What’s fascinating is the precision behind these transactions. The whale has consistently sold exactly 87.56 ETH every few minutes, showing a strategic approach to cashing out.
Despite these sales, the whale still holds 6,042 ETH, valued at around $14.7 million—roughly 36.3% of their original holdings.
Massive Profits: 451x Return!
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, strong resistance looms near $2,500, close to the 1.236 Fib extension level from a recent pullback. A break above $2,550 could indicate further gains.
With Ethereum’s price on the rise and a mysterious whale dumping millions, what’s your prediction for the future of ETH?
Also Check Out: With A Bullish Reversal, Can Worldcoin (WLD) Price Hit $3?
