The post Ethereum Whale Offloads $24.7 Million in ETH Over 3 Days, Shows No Signs of Stopping appeared first on Coinpedia Fintech News
According to blockchain analytics platform Spotonchain, an ancient Ethereum whale has quietly offloaded 24.7 million ETH, raising eyebrows in the crypto community. With this whale making major moves, traders are closely watching what might come next for Ethereum. Meanwhile, ETH’s price surged 5.24%, reaching $2,445 and pushing its market cap to $293.4 billion.
Ancient Whale Continue To Sell Ethereum
In just three days, an Ethereum whale, identified by the wallet address ‘0xe3e’, has sold a staggering 10,595 ETH, converting it into $24.7 million worth of USDT. This whale, with a history dating back to the early days of Ethereum, has been consistently selling off portions of its holdings at regular intervals, regardless of market conditions.
10,595 $ETH has been sold for 24.7M $USDT by this ancient whale in just 3 days!Regardless of whether the market goes up or down, the ancient whale '0xe3e' continues to sell 87.56 $ETH for $USDT every few minutes.Current holdings: 6,042 $ETH ($14.7M), ~36.3% of the original… https://t.co/80uSiGC9dp pic.twitter.com/QdBc3RV9Tl
— Spot On Chain (@spotonchain) September 19, 2024
What’s most intriguing is the systematic nature of these transactions. The whale continues to sell precisely 87.56 ETH every few minutes, steadily cashing out its holdings.
Despite the massive sales, the whale still holds 6,042 ETH, worth approximately $14.7 million—about 36.3% of its original ETH stash.
Whale’s Made $39.34 Mln In Profit
Spotonchain also estimates that the whale’s total profit from these trades is a jaw-dropping $39.34 million, reflecting a 451x return on their original investment.
This steady selling of Ethereum has caused people in the crypto community to wonder if it’s a sign of bigger changes in the market or simply an experienced investor taking profits after holding for a long time.
Ethereum Price Analysis
Ethereum has bounced back from a $2,380 support base, breaking past $2,400. Now 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.
