Coinspeaker Ethereum Whales Engage in Strong Selling Spree, Will ETH Price Drop?
Ethereum ETH $2 820 24h volatility: 7.1% Market cap: $339.80 B Vol. 24h: $36.78 B price has made a strong surge gaining nearly 9% in the last 24 hours moving all the way to the $2,850 level thereby setting up the stage for the next bull run. However, Ethereum whales from the CIO period have turned active after 8 long years dumping ETH during this rally.
As reported by SpotonChain, two long-term Ethereum whales have collectively offloaded 33,701 ETH, worth a staggering $89.11 million. First, an Ethereum ICO whale, identified as “0xB8c” transferred 25,000 ETH (valued at $65.67 million) to the Kraken exchange, selling at approximately $2,627 per ETH. This whale still retains 64,450 ETH, worth an estimated $181.2 million.
In a separate transaction, the whale “0x0c1” returned to the market after nearly nine years of inactivity, selling 8,701 ETH for $24.05 million USDC at roughly $2,764 per ETH. This sale marks a 689x profit, with 0x0c1’s remaining balance now at 2,304 ETH, valued at $6.48 million.
Two long-term $ETH holders unloaded 33,701 $ETH ($89.72M) as the price surged 13.75% in 24 hours:
1/ Ethereum ICO whale "0xB8c" sent 25,000 $ETH ($65.67M) to #Kraken at ~$2,627, leaving 64,450 $ETH ($181.2M).
2/ Whale "0x0c1" returned after 8.75 years to sell 8,701 $ETH for… pic.twitter.com/KrmC7KT60m
— Spot On Chain (@spotonchain) November 7, 2024
Moreover, another dormant Ethereum whale has once again reawakened and is holding 12,001 ETH worth $34.1 million. This investor acquired the ETH for an average price of $8.58 in early 2016, and could realize a 330x profit if sold at current market values.
Despite this strong whale activity, the Ethereum price has continued to show strength and is holding above $2,800 levels. Following the Trump victory, the inflows into spot Ethereum ETF also surged to $52.3 million on Wednesday. Fidelity’s FETH saw inflows at $26.9 million while Grayscale’s mini-ETF (ETH) saw inflows of $25.4 million.
Will Ethereum Price Hit New All-Time High?
Over the past few months, Ethereum has been following Bitcoin in directional moves. However, Ethereum price is still far from its all-time high level of $4,891 achieved back in 2021. while BTC went into the discovery zone twice this year, ETH has still been struggling.
Most recently, ETH has turned out to be a sell-on-rise bet for investors. However, with today’s move, ETH price has given a breakout above its downward trending slope with its immediate target of crossing $3,000 in the near term. This breakout can set the tone for a 75% ETH price rally from here onwards.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Speaking on the development, Tron founder Justin Sun wrote:
“With the improvement in macro crypto policies, we are very optimistic about the market outlook (including ETH). Instead of selling, we believe it’s an excellent time to continue accumulating and building.”
On the upside, ETH price faces a crucial resistance at $2,840 and needs to flip this zone to break the barrier lock. A daily close above $2,840 could turn this area into a breaker block, setting the stage for a potential rally toward the $3,100–$3,300 range or beyond.
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Ethereum Whales Engage in Strong Selling Spree, Will ETH Price Drop?
