Ethereum Whale Resurfaces, Initiates Major Sell-Off

After a year of dormancy, a significant Ethereum whale has reemerged, creating ripples in the cryptocurrency market, with Lookonchain reporting this unexpected move. The whale, silent for over twelve months, initiated a substantial selling spree, offloading 18,865 ETH for a staggering 42 million DAI through four newly created wallets. This activity translates to an average selling price of $2,229 per ETH.

The market has been abuzz with speculation and analysis following this development. The revived whale’s actions have led to the sale of a considerable amount of Ethereum, amounting to a current value of $12.5 million, with 5,588 ETH remaining in their possession. This event has caught the attention of both investors and analysts, given the significant amount of cryptocurrency involved and its potential impact on the market.

Contrasting Whale Behaviors

This selling trend by a dormant whale contrasts sharply with the behaviours observed in other segments of the Ethereum whale community. Crypto analyst Ali highlighted a contrasting scenario where several of the largest Ethereum whales have been actively accumulating ETH. 

ETH/USD price chart

Over the past week, these whales have reportedly added over 100,000 ETH, valued at approximately $230 million, to their holdings. This divergence in strategies underscores the varied approaches and sentiments prevalent among significant investors in the Ethereum ecosystem.

Ethereum’s Current Market Position

Amidst these developments, Ethereum’s market performance remains a focal point. At the time of reporting, ETH experienced a slight upturn, with a 1.12% increase over the last 24 hours, bringing its value to $2,255.

IntoTheBlock data suggests that Ethereum is trading in a crucial zone, with significant support and resistance levels identified. The $2,332 and $2,403 price points are key barriers in ETH’s potential ascent towards the $3,000 mark, while support is around $2,127.

Moreover, Ethereum’s transaction fees continue to play a critical role in its market dynamics. The past week saw approximately 35,000 ETH burned, continuing a trend of negative net issuance that started in early November. These factors collectively contribute to the ever-changing landscape of Ethereum’s market as investors and analysts closely watch these developments unfold.

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