Ethereum
Dormant Ethereum Whale Surprises Major Cryptocurrency Exchange With 7,240 ETH Transfer
Read U.TODAY on
Google News
According to SpotOnChain’s on-chain analysis data, a ETH Whale has finished selling its ETH stash: 7,240 ETH, worth $21.4 million, on the Kraken cryptocurrency exchange. Deposits on cryptocurrency exchanges signal an intention to sell, while withdrawals signal a purchase.
ETH’s move follows a period of unknown direction in the market, as cryptocurrencies have seen a price decline. Ethereum has not been exempt from this selling activity in the market, losing 11.77% in value each week.
Spot chain said The Whale had held these tokens for a year and a half, possibly into early 2023, when the cryptocurrency market began to recover from the 2022 sell-off and the price of ETH increased.
Based on the current reality of ETH price, the whale is now likely to make a probable gain of $12.83 million, an increase of 149%, suggesting that the whale may have been strategic in its move in avoiding losing its stash to the market.
This large deposit is among the largest Ethereum transactions seen in the last 24 hours. While Ethereum’s price has seen a drop, which saw it drop to $2,822 during today’s crypto market session, the market has seen an increase in trading from large holders, or whales.
Spotonchain said the whale and another trader took short positions, depositing their ETH on cryptocurrency exchanges. This trader, tagged as “smartestmoney.eth,” deposited the entire 6,440 ETH, worth $19.5 million, on Binance. The two traders sold a total of 13,680 ETH, worth about $41 million, to cryptocurrency exchanges, suggesting a period of selling.
Ethereum Price Evolution
Ethereum ETH has been trading in a broader range of $2,850 to $4,094 for several days. This time, ETH is up 2.17% in the last 24 hours, to $3,037.
If the price continues its current rise, ETH could encounter sellers at $3,373. If Ethereum price breaks down from this major price zone, the probability of selling below $2,850 is higher.
The next downside price support area for ETH is $2,200. To confirm that the range-bound action is still in place, the bulls may need to push ETH price above the $3,373 price area.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.