Going by on-chain analytic data from SpotOnChain, an inactive ETH whale has finished selling its ETH stash: 7,240 ETH, having a total value of $21.4 million, to Kraken crypto exchange. Depositing to crypto exchanges signals an intent to sell, while withdrawals signal buying.
The ETH shift follows a period of unknown direction on the market, with cryptos experiencing a fall in price. Ethereum was not exempted from such selling activity on the market, losing the value of 11.77% weekly.
Spotonchain said the Whale had held these tokens for a year and a half, possibly at the start of 2023, when the crypto market started recovering the selling period of 2022 and the price of ETH increased.
As #Ethereum price dropped 7% again (24H), two smart traders went bearish and unloaded 13,680 $ETH (~$41M)!1. smartestmoney.eth deposited all 6,440 $ETH ($19.5M) to #Binance ~21 hours ago.• Est. loss from the latest $ETH trade: $2.65M (-7.74%).• Cumulative profit from… pic.twitter.com/iKbZgmT2uO
— Spot On Chain (@spotonchain) July 8, 2024
Going by the present reality of the ETH price, the whale now stands to make a likely gain of $12.83 million, or a 149% increase, which suggests the whale might have been strategic in its move by avoiding losing its stash on the market.
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This big deposit is among the largest Ethereum transactions seen in the last 24 hours. As Ethereum’s price experienced a decline, which saw it go low to $2,822 in today's crypto market session, the market saw increased trading from large holders, or whales.
Spotonchain said the, whale alongside another, took selling positions, depositing their ETH to crypto exchanges. This trader, marked as "smartestmoney.eth," deposited all 6,440 ETH, valued at $19.5 million, to Binance. Both traders have sold a total of 13,680 ETH, valued at approximately $41 million to crypto exchanges, suggesting a selling period.
Ethereum price action
Ethereum has been trading in a bigger range of $2,850 to $4,094 for many days. This time, ETH has risen 2.17% in the last 24 hours, to $3,037.
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If the price continues its present move higher, ETH may meet sellers at $3,373. If Ethereum's price crashes from this main price zone, the likelihood of selling below $2,850 is higher.
The next price support zone on the downside for ETH is $2,200. To confirm that the range-bound action is still in place, bulls might need to push the ETH price over the $3,373 price area.
