- An Ethereum whale sold 10,702 ETH worth $16.86 million after two years of inactivity.
- Despite a recent price bounce above $1,600, some long-term holders are selling, but analysts see a potential buying opportunity.
As Ethereum’s price showed signs of recovery, some large investors, whales, decided to sell off their holdings. One whale, inactive for two years, sold a significant amount of ETH as the price bounced back above $1,600. However, some analysts suggest that this sell-off could be a good chance for new investors to buy in.
What’s Happening?
In the past few days, long-term Ethereum whales have been selling a lot of their ETH. Even though the price has gone up by more than 13% from its low of $1,400, these whales are selling as the price increases. This sell-off comes even after a temporary relief in the market due to a delay in new tariffs, but it seems investors are still unsure about the market.
One notable transaction involved a veteran Ethereum investor selling 10,702 ETH, worth $16.86 million. The investor sold each token for $1,576. Interestingly, this investor had acquired the ETH back in 2016, when it was priced at just $8. This recent sale marks their return to activity after two years of not trading, leading to speculation about why they chose to sell now.
Interestingly, many of the Ethereum whales selling now didn’t sell when the ETH price was above $4,000 last year. Besides individual investors, even projects like Donald Trump’s DeFi project, and World Liberty Financial, have been selling ETH during this period.
On the other hand, crypto analyst Ali Martinez believes that the current situation could be a great opportunity to buy ETH. He points out that while long-term holders are selling, this could mean a good chance for investors who go against the trend to buy at a lower price. Martinez suggests that new buyers have a good chance to make a profit in this market.
Long-term #Ethereum $ETH holders have entered “capitulation” mode. For contrarians, this could signal a prime accumulation zone from a risk-reward standpoint. Go to @SimpleFXcom……and buy the dip!
Martinez stated.
After the ETH price dropped to $1,400, it has since recovered by 10% and is now trading around $1,588. The daily trading volume has also increased by 7%, reaching over $32 billion. Because of this recovery, some analysts are starting to predict that the price might continue to go up.
Looking ahead, analysts are seeing positive signs for Ethereum’s price. After hitting a low of $1,400, ETH has bounced back, currently trading around $1,612, with trading volumes surging. One analyst, Luciano_BTC, points to a “falling wedge” pattern on the charts, a technical formation that often precedes bullish reversals.
If Ethereum breaks through this pattern, it could signal a strong upward move. Adding to the positive outlook, the SEC’s approval of options trading for spot Ether ETFs could draw in more institutional investors, potentially driving further price appreciation for ETH.