Going by on-chain analytics provided by SpotOnChain, an inactive ETH whale recently completed the sale of its ETH holdings, consisting of 7,240 ETH with a total value of $21.4 million, to the Kraken crypto exchange. The act of depositing ETH to exchanges signals a disposition to sell, whereas withdrawals indicate a buying sentiment.
The ETH transfer occurred amidst a period of market ambiguity and price depreciation in the cryptocurrency space. Ethereum experienced a notable 11.77% decline in value over the past week, mirroring the broader market trend.
SpotOnChain disclosed that the whale had possessed these tokens for approximately 18 months, likely accumulating them during the market recovery in early 2023 following the selling phase in 2022.
In response to Ethereum's recent price fluctuations, two astute traders capitalized on a 7% price drop by collectively unloading 13,680 ETH, equivalent to around $41 million. One trader, identified as 'smartestmoney.eth,' deposited 6,440 ETH ($19.5 million) into Binance.
Based on the current ETH price scenario, the whale is poised to secure a projected gain of $12.83 million, reflecting a notable 149% surge. This strategic maneuver suggests the whale's adeptness in managing its portfolio amidst market uncertainties.
The substantial deposit made by the whale is among the largest Ethereum transactions observed in the past 24 hours. With Ethereum's price dipping to $2,822 in the latest market session, significant holders, including whales, engaged in active trading activities.
SpotOnChain highlighted that the whale, alongside another trader, assumed selling positions by depositing their ETH to crypto exchanges. The trader named 'smartestmoney.eth' deposited all 6,440 ETH, valued at $19.5 million, to Binance. Cumulatively, the two traders sold 13,680 ETH, amounting to approximately $41 million, indicating a selling spree.
Ethereum Price Trends
Ethereum has been trading within a range of $2,850 to $4,094 for an extended period. The latest 24-hour data shows a 2.17% increase in Ethereum's price, reaching $3,037.
If the current price trajectory continues, Ethereum could face resistance levels at $3,373. However, a downward reversal from this level may push the price below $2,850, implying a bearish sentiment.
The immediate downside support level for Ethereum stands at $2,200. To confirm the ongoing range-bound movement, bullish momentum would need to breach the $3,373 price level.
