Early Ethereum Whale Starts Selling ETH Following Break of $2,900 Level
An early Ethereum investor has emerged after nine years of hibernation, armed with a fortune that has multiplied 330 times since he made his initial investment. This investor, who got 12,001 ETH through cryptocurrency exchange ShapeShift in 2016, has started selling his stash of Ethereum.
His initial investment, $103,000 for 12,000 ETH at an average price of $8.58 per ETH, has now grown to a staggering $34.1 million. Such a remarkable return underlines the explosive growth in store that the prospects of early cryptocurrency investments have brought with them.
This whale's re-emergence comes as Ethereum has been doing well in the market, having risen 16.5% in the past week to trade at $2,917 currently. The cryptocurrency has continued to portray very volatile price action, with costs oscillating within the $2,608.99 and $2,872.56 range in the latest trading session.
On the other hand, technical analyst The Moon Carl points to Ethereum's current trading pattern within an ascending triangle formation, projecting possible movement toward $3,350 in the coming surge. However, despite the recent gains, Ethereum remains 42.1% below its record high of $4,878.26 set in November 2021.
