This Whale Wants to Sell Tens of Thousands of Ethereum (ETH)

Bittime - The Ethereum Whale is active again after many years, selling tens of thousands of Ethereum (ETH) coins. What impact will this have on the ETH price? Check out the full analysis here!

Ethereum (ETH) coins have caught the attention of the crypto market again after several Ethereum whales went on a massive sell-off. 

This activity has sparked questions about its impact on the Ethereum price in the future. In this article, we'll discuss the sell-off by the whales, how it affected the ETH price, and what to expect in the future.

Ethereum Whales Offload Tens of Thousands of ETH

In the past 24 hours, two Ethereum whales have sold a total of 33,701 ETH, worth approximately $89.11 million. One of the whales, known as “0xB8c”, sent 25,000 ETH to the Kraken exchange and sold them at an average price of $2,627 per ETH. This whale still has 64,450 ETH in reserve, worth $181.2 million.

The second Whale, “0x0c1,” returned to activity after almost nine years and sold 8,701 ETH for $24.05 million in USDC at an average price of $2,764 per ETH. 

This sale resulted in a profit of 689 times the initial investment. This whale still holds 2,304 ETH worth approximately $6.48 million.

In addition, another Ethereum whale is also reportedly holding 12,001 ETH, which could generate up to 330 times the profit if sold in the current market. 

The actions of these whales indicate major movements in the Ethereum market that could affect the price of ETH in the short term.

Also read: SHIB Token: Here's What You Should Know About Shiba Inu's Burn Rate of 3,700%

Impact on Ethereum Price

At the time of writing, the Ethereum coin price managed to stay above the $2,800 support level despite the massive sell-off by whales. 

In fact, ETH showed an increase of about 9% in the last 24 hours, reaching $2,850. This shows that investor interest is still high despite the selling pressure from whales.

However, if the selloff continues and the $2,800 support level fails to hold, Ethereum prices could experience further declines. 

Conversely, if ETH is able to break the $2,840 resistance, the potential for a rally towards $3,000 or more is wide open.

Ethereum Price Prediction

Ethereum has a chance to return to a bullish path if the price is able to hold above $2,840. The next target is $3,100 to $3,300, with a potential upside of up to 75% if the bullish momentum continues. 

However, if selling pressure increases, the price could drop back to the support level below $2,800.

Conclusion

The activity of Ethereum whales selling tens of thousands of ETH coins gave mixed signals to the market. 

Although this sell-off is creating pressure, ETH price is still showing strength with potential for further upside. Investors need to monitor the key levels of $2,800 and $2,840 to understand the direction of the next price movement of the Ethereum coin.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.