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, 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.
This ancient whale is still quietly selling #Ethereum.In the last 35 hours, the whale has sold 2,364 $ETH for 5.44M $USDT at an average price of $2,302, spread across 27 small transactions (87.56 $ETH each).The whale still has 14,272 $WETH ($33M) left and it seems like the… https://t.co/76uWzygdPc pic.twitter.com/ggnpv6YtvJ
— Spot On Chain (@spotonchain) September 17, 2024
According to Spot-on-chain, This whale still holds 14,272 Wrapped Ethereum (WETH), currently valued at $33 million. The significant volume of ETH sold over a short time span suggests that the whale may continue its selling spree, potentially exerting downward pressure on Ethereum’s price in the short term. With a substantial amount of WETH remaining, further sales could lead to increased volatility in the market.
Short-Term Price Impact
On the chart, 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, as highlighted in the chart. 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.
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.
