An ancient Ethereum whale has once again caught the attention of the crypto community by selling off large portions of its holdings over the last 35 hours.
Recent Sales by the Major Whale
This whale has quietly offloaded 2,364 ETH in exchange for 5.44 million USDT at an average price of $2,302. The transactions were spread across 27 smaller trades, each consisting of approximately 87.56 ETH. According to Spot-on-chain, this whale still holds 14,272 Wrapped Ethereum (WETH), currently valued at $33 million.
Short-Term Price Impact
Ethereum’s price appears to be in a corrective phase, moving within a descending channel before recently attempting to break higher. The $2,350 region is currently a critical level to watch. A clear break above this level could signal a bullish recovery toward the $2,440 resistance. However, if the whale continues to sell off its holdings, this could hinder the price’s ability to push through key resistance zones, keeping Ethereum’s recovery prospects limited in the near term.
Market Overview
The whale’s selling activity comes at a time when Ethereum’s market sentiment is mixed, with both bullish and bearish forces competing to influence price direction. Investors are advised to keep a close watch on this whale’s activity, as further large-scale sales could introduce additional volatility.
Continued sales by the whale could exert short-term pressure on the Ethereum market and contribute to increased volatility.
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