An Ethereum whale, who once received the biggest payout during Genesis Trading’s liquidation, has just offloaded 40,000 ETH in a massive $89.2 million sale. This sudden move comes as ETH struggles to hold its ground, with prices up 6.96% at $2,244 but trading volumes dropping 14%.
Ethereum Whale Offloads 40K ETH
On March 4 and 5, the Ethereum whale moved 30,000 ETH to Galaxy Digital and another 10,000 ETH to FalconX. In return, they received $20 million USDC from Galaxy Digital and $19.49 million USDC from FalconX.
This sale has sparked discussions in the crypto community, especially as the whale originally received 114,500 ETH from the Genesis Trading liquidation.
At the time of the compensation, ETH was priced at $3,128. However, the market drop has wiped out nearly 30% of its value, reducing the worth of the whale’s holdings by $110 million. This large transfer suggests that the whale might be preparing for further price sell-off.
Ethereum’s Struggle Continues
Ethereum has been under pressure in recent weeks, losing over 13% in just the last seven days. Meanwhile, CryptoQuant data shows that unrealized profits among ETH whales have dropped to levels last seen during the previous bear market. With the ETH/BTC ratio declining, fear and uncertainty are growing in the market.
In addition, on-chain data reveals that 5.7 million ETH is still in profit, representing only 7.55% of the market. In contrast, 69.7 million ETH remains at a loss, making up 92.40% of the total supply.
Moreover, more than 60,000 ETH has been moved to exchanges in the past two weeks, signaling increased selling pressure.
Ethereum Price Analysis
As of now, Ethereum’s price is currently hovering around $2,250, after facing strong resistance at $2,400. Analysts suggest that breaking past this level could push ETH towards $3,000.
However, if the selling pressure continues, ETH could drop further, with support levels between $2,015 and $2,368 offering some relief.
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FAQs
ETH could be rising due to increased buying at support levels, positive macro trends, ETF speculation, or whale accumulation.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
