Dormant Ethereum whale awakens, selling $1.14B in ETH after 8 years, capitalizing on recent price surge to $2,880.
Whale's 2016 ETH purchase at $3.5 per coin sees 802x profit, as strategic selling now aligns with high trading volumes.
Ethereum's bullish trend continues, with prices above the $2,560 EMA, showing strong buyer interest and market confidence.
A massive Ethereum whale, inactive for over eight years, recently broke its silence, selling $1.14 billion in ETH. This significant sale began today, with 13,400 ETH—valued at $37.38 million—transferred in the last six hours at an average price of $2,790.
Notably, this whale accumulated Ethereum in 2016, buying from ShapeShift at a modest $3.5 per ETH. The holdings, initially worth $38,000, have now generated substantial profits as Ethereum's value surged.
https://twitter.com/lookonchain/status/1854405286926463180 Historical Accumulation and Strategic Transfers
This whale’s accumulation dates back to January 2016, when it acquired Ethereum at an average cost of $3.5 per coin. The whale consolidated ETH in 28 wallets, all of which transferred their holdings to new addresses in August 2016.
This coordinated move suggests that the wallets likely belong to a single entity. Over the years, the value of these holdings has skyrocketed, yielding an 802x return on the initial investment as the whale began liquidating at current market prices.
Strong Price Surge for Ethereum
Over a 4-hour period, the Ethereum chart shows a clear bullish trend. Ethereum's price surged from $2,400 to $2,880 in early November, suggesting buying activity. Strong momentum is indicated by the recent price breakout and significant trade volumes.
Furthermore, the upward trend is further supported by the 50-period Exponential Moving Average (EMA) of around $2,560. The price of Ethereum is still above this EMA, indicating that positive enthusiasm is still there. The EMA is frequently seen by traders as a level of support that reinforces Ethereum's rising trend.
Source: BingX
Accumulation and Distribution Trends
The Accumulation/Distribution (A/D) line has shown a steady increase, reaching 32.865K, reflecting substantial buying pressure. This metric aligns with the recent price surge, indicating that buyers are in control. The steady rise in the A/D line suggests accumulation among traders, further supporting Ethereum’s positive outlook.
As Ethereum reached a peak of $2,880, some traders may face resistance around this level, which marks the rally’s highest point. However, strong buying pressure and Ethereum’s position above the EMA suggest potential for further gains.
Consequently, traders closely monitor these levels, as Ethereum’s market performance reflects strong investor sentiment and increased buying activity, potentially driving the cryptocurrency to new highs.
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