Ethereum Whale Sells $24.7M in ETH: What Does This Mean for the Market?
A major Ethereum whale has made waves in the crypto world by selling off 24.7 million ETH, according to Spotonchain.
This move has traders on edge as they anticipate the impact on Ethereum’s future. Following the whale’s actions, Ethereum’s price surged 5.24% to $2,445, elevating its market cap to $293.4 billion.
Over a span of three days, the whale behind wallet ‘0xe3e’ sold 10,595 ETH for $24.7 million in USDT, employing a precise strategy of selling 87.56 ETH at regular intervals. Despite these transactions, the whale retains 6,042 ETH, valued at approximately $14.7 million.
READ MORE: Ethereum Whale Makes 900% Profit From His Investment
The whale’s calculated sell-off has netted a remarkable $39.34 million in profit, translating to a 451x return on the initial investment. This sustained selling has led to speculation about potential market shifts or whether it’s just a seasoned investor taking profits.
Ethereum’s price has rebounded from a support level of $2,380, moving above $2,420 and showing bullish signs. However, resistance is expected around $2,500, with a potential breakout above $2,550 signaling further gains.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
