A significant Ethereum holder secured considerable profit after selling a portion of their assets, sparking discussions about possible market corrections.
Whale's Profit
On Tuesday, the Ethereum address '0x8C08...' realized 8,005 ETH for about $30.03 million, achieving a profit of $9.87 million. Analysis indicates that this transaction yielded a 38% return on investment in just 14 days.
Potential ETH Market Corrections
Following the eight-day uptrend, ETH's 14-day relative strength index (RSI) reached overbought territory at approximately 78. Historical data suggests that similar fluctuations often precede short-term corrections. It is expected that ETH could revisit the $3,000–$3,200 range in August if the growth momentum continues to fade.
Long-term Outlook for ETH
Despite potential short-term pullbacks, long-term ETH holders display confidence in further price increases. Currently, many owners continue to hold their assets, indicating a lack of mass sell-off. Analysts believe that after a correction, a fresh wave of growth is possible, potentially allowing ETH to reach resistance levels from $3,800 to $4,100 in the future.
The actions of a significant holder along with the current state of the ETH market reflect a combination of short-term risks and long-term optimism, suggesting intriguing changes in Ethereum's price dynamics.
