Loading...
The crypto world is again paying attention to an old Ethereum whale as it sells off a big percentage of its holdings. Under the radar over the last 35 hours, this whale has sold 2,364 ETH for 5.44 million USDT, or an average of $2,302 per coin. The 87.56 ETH were distributed over 27 separate deals.
🚨 This ancient whale is still quietly selling #Ethereum.
— Spot On Chain (@spotonchain) September 17, 2024
In the last 35 hours, the whale has sold 2,364 $ETH for 5.44M $USDT at an average price of $2,302, spread across 27 small transactions (87.56 $ETH each).
The whale still has 14,272 $WETH ($33M) left and it seems like the… https://t.co/76uWzygdPc pic.twitter.com/ggnpv6YtvJ
This whale still possesses 14,272 Wrapped Ethereum (WETH), which Spot-on-chain estimates to be worth $33 million. This whale may keep selling Ethereum, which might put short-term downward pressure on the cryptocurrency's price, given the large amount of ETH it sold in such a short period. There is still a lot of WETH in circulation; therefore, any more sales can cause market volatility to rise.
The price of Ethereum has been trying to break out of its declining channel and into a correction phase, according to the chart. Currently, the $2,350 zone is an important level to keep an eye on. The chart shows a successful breakout above this level, which may indicate a positive rebound towards the $2,440 barrier. But if the whale keeps selling off its assets, the price won't be able to break through important resistance zones, limiting the near-term possibilities for Ethereum's rebound. There are both bullish and bearish factors vying to affect the price direction of Ethereum at the moment, which is why the whale is selling at an inconvenient time. Large-scale sales might generate extra volatility; therefore, investors should observe this whale's actions.
editor
A web 3 girl living in a web 2 world.