As a seasoned crypto investor with a decade-long journey under my belt, I’ve seen market ebbs and flows that would make a sailor seasick. The recent selling spree by whales and early investors worth millions, including the $1.34 billion Ether whale, might make some tremble, but it only makes me more confident in my convictions.
As an analyst, I’ve observed a significant sell-off by early investors in the Ether (ETH) market, but I remain optimistic. Based on my analysis, it appears that the ETH market price is primed for a surge, potentially signaling a breakout.
A whale, or large investor, has started selling Ether after being dormant for over eight years.
A large whale amassed approximately $1.34 billion in Ether, with the average price per token being around $6. This was done prior to Donald Trump’s election win, as reported by onchain intelligence firm Lookonchain in their November 22 post.
“A whale that accumulated 398,889 $ETH(currently worth $1.34B) at an average price of ~$6 is selling $ETH again… After remaining dormant for over 8 years, the whale reactivated on Nov 7 and began selling $ETH. So far, 73,356 $ETH($224.42M) has been sold, leaving 325,533 $ETH (worth $1.1B).”
Regardless of attempts to lower its value, Ether’s price increased by more than 7.5% during the last seven days, trading at approximately $3,369, according to CryptoMoon data, as of 10:09 am in UTC.
As the value of Bitcoin (BTC) surpasses $99,000 and sets a new record for the largest monthly gain in cryptocurrency history by climbing over 40% this month, more investors are predicting that Ether could potentially reach its previous highest price level as well.
Ether set for $3.7k breakout, despite ICO wallet and whale selling pressure
The $1.3 billion whale is not the only investor creating significant selling pressure for Ether’s price.
In a recent development, the creator of Cosmos, Interchain – an early investor in Ethereum’s Initial Coin Offering (ICO) back in 2017 – has now decided to part with some of their Ethereum holdings.
As a researcher, I recently uncovered some intriguing findings regarding the Interchain wallet. On November 22nd, this wallet successfully offloaded approximately 3,000 ETH, equivalent to over $10.1 million at the time of sale. This transaction brings the total Ether sold since April 2024 to a staggering 21,600 Ether, which amounts to a whopping $95 million in value. It’s worth noting that these sales were made at an average price of around $2,591 each, as reported by the anonymous blockchain analyst known as EmberCN on their X post.
According to the latest data from Arkham Intelligence, the Cosmos Network-labeled wallet contains approximately 17,000 Ethereum, which equates to around $57 million in value.
A substantial quantity of whale-owned cryptocurrencies can significantly influence the market value of the digital asset, particularly if the owner chooses to sell a massive portion of it publicly.
Even though there’s been significant selling activity, Ether appears to be making a push beyond current limits, potentially leading it back towards the $3,700 resistance level, according to an anonymous analyst known as Rekt Capital in a recent blog post from November 21st.
“Ethereum is currently breaking out from its short-term Bull Flag. Confirmed breakout would see ETH revisit the ~$3700 resistance above.”
Cryptocurrency traders use bull flags as a bullish chart pattern to spot upcoming price rallies.
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2024-11-22 14:17