Ether Whale Selling Ether After 8 Years of Dormancy: What It Means for ETH Price
Ether Whale – Despite significant sell-offs from early investors and large holders, many industry analysts are still optimistic about Ether’s (ETH) potential for a price breakout. Recent market movements indicate that the cryptocurrency could soon see a rally, despite mounting selling pressure from whales and ICO participants.
Whale Sells $1.34 Billion in Ether
One of the most significant factors contributing to the selling pressure is a whale (a large investor) who has been selling off their Ether holdings after being dormant for over eight years. This particular whale had accumulated over 398,889 ETH at an average price of around $6, totaling a value of approximately $1.34 billion. The whale began selling its holdings after Donald Trump’s victory in the 2024 U.S. presidential election.
According to Lookonchain, a blockchain intelligence firm, the whale reactivated its account on November 7, and has since sold 73,356 ETH worth $224.42 million. The remaining holdings total 325,533 ETH, valued at $1.1 billion. Despite this massive sell-off, Ether’s price rose by over 7.5% during the past week, indicating strong investor confidence. As of 10:09 AM UTC, Ether was trading above $3,369, according to Cointelegraph data.
Investors Eye Ether’s Rally Amid Bitcoin’s Record-Breaking Surge
Ether’s price movement is showing increasing correlation with Bitcoin’s (BTC) performance, which surged over 40% in November, setting a new record for the best monthly candle in crypto history. Bitcoin broke past $99,000 on November 22, fueling optimism in the broader cryptocurrency market. As a result, more investors are expecting Ether to rally toward its previous all-time high, particularly as the market anticipates Bitcoin’s continued rise.
ICO Wallets and Other Large Holders Contribute to Selling Pressure
While the whale’s activity is a major concern, it is not the only large investor contributing to selling pressure on Ether’s price. Interchain, a key developer of the Cosmos Network and an early participant in Ethereum’s ICO (Initial Coin Offering) in 2017, has also begun selling off its ETH holdings.
On November 22, the Interchain wallet sold 3,000 ETH, worth approximately $10.1 million. Since April 2024, over 21,600 ETH, valued at $95 million, has been sold from this wallet, with an average selling price of $2,591. Despite these sales, the wallet still holds more than 17,000 ETH, valued at about $57 million, according to Arkham Intelligence data.
Bullish Breakout Expected for Ether
Despite the selling pressure from both whales and early ICO participants, Ether is staging a breakout, which could see it revisit the $3,700 resistance level. According to Rekt Capital, a pseudonymous blockchain analyst, the Ethereum market is currently breaking out from a short-term bull flag pattern, which is often interpreted as a signal of a coming rally.
“Ethereum is currently breaking out from its short-term Bull Flag. A confirmed breakout would see ETH revisit the ~$3700 resistance above,” Rekt Capital wrote in a November 21 post.
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