Dormant Ethereum Whale Stuns Major Crypto Exchange With 7,240 ETH Shift

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As an experienced analyst, I believe this recent selling activity from Ethereum whales, specifically the one who sold 7,240 ETH worth $21.4 million to Kraken, could be a strategic move based on market trends and previous holding history.

Based on the analysis of data from SpotOnChain, I’ve identified that a large Ethereum (ETH) holder, previously inactive on the blockchain, has recently sold off their ETH hoard. This transaction involved a transfer of 7,240 ETH, equivalent to approximately $21.4 million, to Kraken crypto exchange. Historically, deposits to exchanges are indicative of an intention to sell, while withdrawals suggest buying activity.

After a stretch of uncertainty in the crypto market, during which prices generally dropped, Ethereum suffered a weekly loss of 11.77%.

Approximately one and a half years ago, around the beginning of 2023, Spotonchain noted that the Whale may have acquired these tokens. This was during the crypto market’s recovery from the selling frenzy of 2022, when the Ethereum price began to rise.

Two astute traders, smartestmoney.eth and an unnamed trader, took advantage of Ethereum’s 7% price decrease within the last 24 hours by selling off a combined total of 13,680 ETH (approximately $41 million).smartestmoney.eth moved their entire holding of 6,440 ETH ($19.5M) to Binance approximately 21 hours earlier.• Approximate loss from the latest ETH transaction: $2.65 million (-7.74%).• Cumulative profit from previous trades: [unknown]— Spot On Chain (@spotonchain) July 8, 2024

Based on the current value of Ethereum, the whale is poised to realize a profit of approximately $12.83 million, representing a substantial 149% growth. This potential gain implies that the whale may have acted strategically by timing its transaction to avoid market losses.

A sizable Ethereum transfer, ranking among the top transactions in the previous 24 hours, took place as Ethereum’s price dipped to $2,822 during today’s cryptocurrency market activity. With Ethereum’s value decreasing, there was heightened trading among large investors or “whales.”

As an analyst, I’ve noticed some significant activity in the Ethereum market from two notable traders. The first one, identified as “smartestmoney.eth,” transferred all of their 6,440 ETH, equivalent to around $19.5 million, to Binance for selling purposes. Together with another trader, they have offloaded a total of 13,680 ETH, worth approximately $41 million, to crypto exchanges. This substantial selling activity implies that these traders are currently in the market to sell Ethereum.

Ethereum price action

For several days now, Ethereum has been fluctuating between the prices of $2,850 and $4,094. However, there’s been a recent uptick – Ethereum has increased by 2.17% over the past 24 hours, reaching a price of $3,037.

Should Ethereum’s price trend upward, it could encounter resistance around $3,373. Conversely, a downturn in Ethereum’s price may increase the chances of selling at prices lower than $2,850.

The next price support zone on the downside for ETH is $2,200. To confirm that the range-bound action is still in place, bulls might need to push the ETH price over the $3,373 price area.

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2024-07-08 18:39