An Ethereum whale recently offloaded 8,982 ETH worth $22.93 million, netting a $3 million profit amid a bearish market.
With ongoing volatility in the crypto market and unpredictable asset prices, the market today experienced a sudden drop, leading to a shift in investor sentiment. An Ethereum whale holding nearly $23 million in ETH sold off their entire holdings.
Ethereum Whale Sells Off $23 Million in ETH
On October 25, 2024, crypto market tracker Lookonchain reported that a whale with the wallet address ‘0x883’ sold 8,982 ETH valued at $22.93 million on the OKX exchange.
With this recent sale, it appears the whale has abandoned its ETH investment strategy after a 10-month hold, pocketing nearly $3 million in profit. Analysts suggest that the current unstable market conditions and consistent price declines may have prompted the sale.
Ethereum Technical Analysis
At the time of writing, ETH is trading near $2,468, with a slight drop of approximately 0.3% over the past 24 hours. Trading volume has surged by over 50% in the same period, indicating increased activity from traders and investors potentially spurred by the price decline.
According to expert technical analysis, ETH is currently at a critical support level along an uptrend line established in early September 2024. This level is vital for ETH’s upcoming rally as it could be a make-or-break point.
If the current sentiment persists and prices fall below the crucial $2,400 level, ETH could sharply decline to $2,200. Conversely, if ETH maintains this support, the price of the largest altcoin may surge to the $3,000 level.
Additionally, ETH’s current price lies below the 200-day Exponential Moving Average (EMA), indicating a bearish trend.
