Over the past weeks, Ethereum whales have moved massive amounts of the flagship altcoin. The latest move saw over $13 million being transferred to the crypto exchange OKX.
Whale activity surges
An Ethereum whale that received 1 million ETH from Ethereum’s genesis wallet, which was created during the Ethereum network’s genesis block production, has continued to dump his holdings over the past months.
Ethereum whale wallet with 1 million ETH received during ICO| Source: Etherscan
The latest data from the analytics platform Look Chain indicates that the wallet moved 5,000 ETH on August 12. Worth approximately $13.2 million at the time of deposit, the transaction was part of a regular deposit pattern, with the first major move for 1000 ETH initiated on July 12.
Since then, the whale has transferred a total of 48,500 ETH to the Seychelles-based crypto exchange for approximately $154 million, at an average price of $3,176. The whale had acquired the assets for a mere $0.31 per token during Ether’s initial coin offering.
The funds were transferred in batches ranging between 1000 to 5000 ETH. At the time of publication, the wallet held 15,600 ETH, amounting to over $41 million. While the recent moves have sparked concerns among ETH investors regarding the whale’s impact on ether’s price, some remain optimistic.
One user pointed to the 16000 ETH remaining across the two of Whale’s wallets, speculating that the selling spree might be coming to an end. Meanwhile, another user said it was “better” that the whale was dumping funds at current prices instead of offloading during a future upward rally.
Others remained concerned over the selling pressure this would exert on the ETH price, which was recovering from the August 8 drop of $2197 in the aftermath of Bank of Japan’s interest rate hikes and fears of recession in the U.S.
In contrast, another whale wallet grabbed 5,000 Ether at an average price of $2.5k for approximately $13 million. This offset the recent whale deposit to OKX but represented only a fraction of the funds moved by the genesis whale.
The recent sell-offs follow crypto market maker Jump Trading’s selling spree last month, having dumped over 100,000 ETH. In total, major Ethereum market markers sold 130,000 Ether between August 3 and August 5, as noted by analysis platform 0xScope.
On the other hand, Tron’s founder, Justin Sun, acquired over 1,600 Ethereum ETH for approximately $5 million USDT.
Analysts remain optimistic
At the time of writing, ETH’s price hovered above the $2,600 mark, which was up over 10% in the past week.
Meanwhile, analysts have maintained a somewhat optimistic tone as whale selling pressure continues to slow down.
Prominent analyst DonAlt wrote on X that this was the first time he had observed “confluent supports” in a long time. He pointed to a chart showing ETH at crucial support levels relative to both BTC and USD. Typically, If these support levels hold, there could be potential for a price rebound. However, if they break, it might signal further downside.
Crypto analyst Wolf also pointed to greener charts if ETH managed to reclaim the $3000 price level, last seen on August 3.
In a subsequent post, the analyst observed a Head and Shoulders pattern on an inverted ETH/USD chart, noting that a break above the $4,000 neckline could signal a powerful bullish rally for Ethereum, potentially leading to a sharp upward movement in price.
According to a post from crypto trader Poseidon, ETH is trading near a key support zone between $2,200 and $2,400, where it has previously found support and recently rebounded. With Fibonacci extension levels marked around $6,000 (1.272 level) and $7,800 (1.618 level), the analyst likely views these as potential future price targets.
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