Ethereum Whale Offloads $24M ETH, What’s Next For ETH Price?

An Ethereum whale sold 8,825 ETH worth approximately $25 million making a loss from the initial purchase. This comes amid recent massive accumulations of the altcoin leader with positive projections. Wider crypto assets recorded a slight decline in the last 24 hours with ETH marking a 1.6% fall. 

Ethereum Whale Dumps Massive Holdings

Onchain data shows an Ethereum whale sold a large amount of ETH from a previous purchase taking a hit from the transaction. According to Lookonchain, the whale deposited 8,875 ETH on Binance on Aug 26 making a sale of losing $3.96 million. At present prices, the total transaction was worth approximately $24 million.

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Previously, the ETH whale purchased the assets at $27.96 million between July 27 and Aug 3 before the previous market dip. Crypto users expressed mixed reactions on social media spaces because of the current market sentiment. This year, massive whale purchases have surged due to to initial price surge in the first quarter on the heels of spot Bitcoin ETF approvals in the United States. Ether price also saw significant growth amid spot ETF approvals by the Securities and Exchange Commission (SEC). 

Macro factors continue to affect the price of crypto assets with holders awaiting potential interest rate cuts to see a new wave of inflows in the market. Rate cuts will see funds flow to risky assets as crypto holders set their sights on the next market driver. 

What’s Next For ETH Price?

Ethereum price has flashed bullish signals amid recent on-chain data as it reclaimed support. A recent ETH price projection sparks speculations over a potential rally in Ether, following a rise in staked assets leading to a long-term bullish outlook. According to on-chain indicators, the price of ETH could make significant gains if it flips the $3,000 psychological level. 

According to data from CryptoQuant, ETH whales have accumulated 200,000 ETH in the last 96 hours, taking their holdings up by $540 million. At press time, Ethereum trades at $2,690, a 2.93% decline in the last 24 hours although weekly gains still stand at 2.74%.