Dormant ‘Diamond Hand’ Ethereum Whale Begins Selling As ETH/BTC Hits 3-Year Low

An Ethereum whale holding $37 million in ETH has begun selling after the ETH/BTC pair hit a record low, highlighting the current bearish sentiment toward the second-largest crypto by market cap. The crypto risks dropping lower as popular analyst Ali Martinez suggested it could fall to as low as $1,800. However, another crypto analyst, Master Kenobi, has predicted that the ETH price will recover soon.

Ethereum Whale Holding $37 Million In ETH Begins Selling

Onchain analytics platform SpotOnChain revealed that an Ethereum whale holding $37 million in ETH has begun offloading their coins. This diamond-hand whale had held their ETH for eight years and made a profit of $38 million from their initial investment of $87,136. The Whale bought Ethereum between January 19 and February 23, 2026, when the coin was still trading at around $5.

This Ethereum whale isn’t the only one selling. Onchain analytics platform Whale Alert revealed two whales that had transferred their ETH holdings to Coinbase in a bid to sell. The first whale (0x346…d9912) transferred 14,081 ETH ($33.98 million), while the second whale transferred 13,977 ETH (32.8 million) to the crypto exchange.

This selling spree comes amid the ETH/BTC drop below 0.04, its lowest level since April 2021. This development highlights the bearish sentiment toward Ethereum, especially with the Ethereum Foundation and Vitalik Buterin-linked wallets reported to have been selling.

ETH price risks dropping further and to as low as $1,800. Popular analyst Ali Martinez mentioned that a key support for Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold around 52 million ETH. He added that a break below this demand zone could lead to a wave of sell-off, driving the price toward $1,800.

Ethereum Price Decline Is “Artificially Driven,” Likely To Recover Soon

Amid the selling spree by Ethereum whales, crypto analyst Master Kenobi has stated that ETH’s decline is artificially driven and predicted that its price will recover soon. Kenobi added that the current price movement is driven by FUD from those who want to shake out weak hands. He noted that nothing has changed, and the coin’s outlook is still bullish as there has been no negative change in its fundamentals.

The analyst also alluded to history to prove that the ETH/BTC pair will soon recover. He stated that Ethereum also experienced a price decline following the Bitcoin halving. However, it enjoyed a trend reversal after 168 days of the 2016 and 2020 halvings, triggering a bull market for altcoins. In line with this, Kenobi is confident that a reversal is imminent for ETH’s price. He also believes the altcoin season will begin soon enough.

ETH is trading at around $2,317, down over 4% in the last 24 hours. Per a Coingape analysis, the Ethereum price projected rally to $4,000 could be at risk as developers consider splitting the Pectra upgrade into two parts.