As a researcher with extensive experience in the crypto space, I find myself constantly amazed by the intricacies and dynamics that govern this ever-evolving market. The recent reappearance of the long-inactive Ethereum whale holding $37 million worth of ETH is undeniably one such event that piques my curiosity.
In an unexpected development, a large Ethereum investor, who had been inactive for approximately eight years and held around $37 million worth of ETH, has resurfaced. On September 15, this whale started selling off a portion of its substantial Ethereum holdings, creating a notable event within the crypto market.
Starting from January 19th to February 23rd, 2016, this whale purchased a total of 16,636 Ether tokens through ShapeShift when the value of Ethereum was roughly $5 per token, amounting to an initial investment of approximately $87,136. Remarkably, this investment has ballooned into an astounding $38 million at today’s market price of $2,340 per ETH.
Small Selloff, Big Gains
Last Sunday evening, the whale chose to liquidate a piece of its investment by offloading 350 Ether. This single sale resulted in an astounding profit of approximately $819,000, which signifies a remarkable 446% growth in value compared to the original cost.
Based on Etherscan’s data, even after selling some Tether USD (USDT) stablecoins, the whale continues to possess approximately $1.2 million worth of these coins. This sale underscores Ethereum’s impressive growth and reinforces its position as a significant player among the top cryptocurrencies available today.
Over the past day, it’s not just the whale that’s seen significant Ethereum shifts towards Coinbase. As reported by Whale Alert, two more large Ethereum holders have made similar moves, possibly gearing up for sales.
One whale transferred 14,081 ETH worth $33.98 million, while another moved 13,977 ETH, valued at approximately $32.8 million.
Market Impact and Future Projections
The selloff comes as the broader crypto market struggles to regain momentum following the post-halving correction. Bitcoin and Ethereum have experienced significant declines from their respective peaks of $73,000 and nearly $4000, reaching in early 2024.
Crypto expert Ali Martinez has sounded an alert that the value of Ethereum might decrease even more, potentially dropping below the $2,000 threshold. He highlights significant support zones situated around $2,290 and $2,360, where approximately 52 million ETH are being stored across almost 1.9 million wallets. If this support area gives way, Martinez predicts that Ethereum could plunge to a minimum of $1,800.
Strong backing for Ethereum is found in the range between $2,290 and $2,360, where approximately 1.9 million wallets hold around 52.3 million ETH. If this support level gives way, it might trigger a sell-off that pushes ETH down to around $1,800.
— Ali (@ali_charts) September 15, 2024
Conversely, a renowned analyst, Master Kenobi, posits that Ethereum could soon bounce back. He referenced past patterns in Bitcoin halving occurrences, pointing out that in prior cycles, price reversals happened 168 days following the 2017 halving and 224 days after the 2021 halving. We are currently 150 days post-halving, and with excitement building around the recently approved Bitcoin ETFs, Kenobi suggests that a market upturn might be just around the corner.
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2024-09-16 15:30