The crypto community is actively discussing the significant actions of an ancient Ethereum whale related to selling large amounts of ETH.
Ancient Whale Sells Ethereum
Over three days, an Ethereum whale identified by the wallet address '0xe3e' has sold 10,595 ETH, converting it into $24.7 million worth of USDT. This whale, dating back to the early days of Ethereum, consistently sells portions of its holdings regardless of market conditions. The current transactions show a systematic nature, as the whale continues to sell precisely 87.56 ETH every few minutes. Despite the massive sales, the whale still holds about 6,042 ETH, worth approximately $14.7 million—about 36.3% of its original ETH stash.
Whale's Profit from Sales
According to Spotonchain, the whale's total profit from these trades is a staggering $39.34 million, reflecting a 451x return on their original investment. This has led to speculation within the crypto community on whether this indicates bigger market changes or simply an experienced investor taking profits after a long hold period.
Ethereum Price Analysis
Ethereum has bounced back from a $2,380 support base, breaking past $2,400. Currently trading above $2,420 and the 100-hourly Simple Moving Average, ETH shows bullish potential with a key support line at $2,380. However, Ethereum is facing resistance near $2,500, close to the 1.236 Fib extension level from a recent pullback. A break above $2,550 could signal further gains ahead.
The massive ETH sales by the ancient whale have sparked active discussions within the crypto community, while the Ethereum price shows bullish prospects.
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