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Ethereum’s Sleeping Whale Surprises Major Crypto Exchange With 7,240 ETH Move
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Based on SpotOnChain’s on-chain analytics, an inactive ETH Whale has finished selling his ETH stash: 7,240 ETH, worth $21.4 million, to the crypto exchange Kraken. Depositing to the crypto exchange signals an intent to sell, while withdrawals signal a purchase.
ETH’s move follows a period of unknown direction in the market, with cryptocurrencies experiencing a price decline. Ethereum has not been exempt from this market sell-off, losing 11.77% in value over the week.
Spot chain She said Whale had held these tokens for a year and a half, likely into early 2023, when the cryptocurrency market began to recover from the 2022 sell-off and the price of ETH increased.
Based on the current reality of ETH price, the whale could now make a probable gain of $12.83 million, or a 149% increase, suggesting that the whale may have acted strategically in avoiding losing its reserves to the market.
This large deposit is among the largest Ethereum transactions seen in the last 24 hours. While the price of Ethereum has seen a decline, which saw it fall to $2,822 in today’s cryptocurrency market session, the market has seen an increase in trading by large holders, or whales.
Spotonchain said the whale, along with another, took short positions, depositing their ETH on cryptocurrency exchanges. This trader, labeled “smartestmoney.eth,” deposited all 6,440 ETH, worth $19.5 million, on Binance. Both traders sold a total of 13,680 ETH, worth about $41 million, to cryptocurrency exchanges, suggesting a period of selling.
Ethereum Price Action
Ethereal has been trading in a wider range from $2,850 to $4,094 for many days. This time, ETH is up 2.17% in the last 24 hours, to $3,037.
If the price continues its current upward movement, ETH may encounter sellers at $3,373. If Ethereum price falls from this main price zone, the probability of selling below $2,850 is higher.
The next downside price support zone for ETH is $2,200. To confirm that the range-bound action is still in place, the bulls may have to push the ETH price above the $3,373 price area.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold holds a bachelor’s degree from the University of Lagos.