An Ethereum whale, who received 150,000 ETH during the Initial Coin Offering (ICO), continues to offload the holdings. Crypto analyst EmberCN reported the incident on X (formerly Twitter).
According to the analyst, the whale has moved 5,000 ETH (worth 12.22 million) to Kraken exchange. This comes after the whale sold 45,000 ETH last week, worth $113.2 million at an average price of $2,516 per ETH.
Whale’s Recent Sales and Market Activity
The latest transfer of 5,000 ETH is another part of the whale’s gradual Ethereum liquidation strategy. Over the past two weeks, the whale has sold 45,000 ETH, worth $113.2 million. EmberCN noticed a steady sales pattern, suggesting that investors are strategically leaving the Ethereum market at various price levels.
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The whale sold 60,000 ETH out of 150,000 ETH, earning it $149.68 million. Though these are massive sell-offs, the whale still has a huge amount of Ethereum, and there could be some more selling to come.
Historical Sales: From 2019 to 2024
There are some notable transactions of whales selling at different prices from the history track. In July 2019, the investor sold 5,000 ETH when Ethereum was $218 per token. This transaction brought in $1.09 million at the time, marking the whale’s first known sale since the ICO.
In June 2024, the whale also sold another 10,000 ETH, at that time when Ethereum was trading at $3,539. The sale earned the whale $35.39 million. The last major transaction for the whale was between September and October 2024, in which the whale sold 45,000 ETH for $113.2 million, averaging $2,516 per ETH.
These sales reveal the whale’s strategic approach to selling large amounts of ETH, choosing opportune moments to exit the market while still holding a significant portion of their initial allocation.
After these recent transactions, the whale still has 94,540 ETH, worth about $230.3 million. In addition, the whale made an extra 4,540 ETH through staking rewards on top of platforms like Lido and Rocket Pool. The staking income suggests the whale maximizes returns on their remaining ETH while gradually reducing their holdings.
Ethereum price analysis
Ethereum/US Dollar (ETH/USD) is now at $2,438.16, with a slight rise for the day of 0.68%. Market indecision as price consolidates between $2,400 and $2,500 after a downtrend since late July.
The MACD line is below the signal line, indicating bearish territory, but decreasing histogram bars suggest declining bearish momentum.
The RSI stands at 45.86, which means we have a neutral market without the overbought or oversold conditions. Resistance sits around $2,500, while support lies immediately at $2,400.
Though the trend is bearish, declining momentum and consolidation may lead to an end if the price can break above resistance.
