As a seasoned crypto investor with over a decade of experience in the digital asset market, I find myself intrigued by the recent developments in Ethereum. The selling spree by Ethereum whales, including the one holding $37 million, is certainly a cause for concern, especially considering their long-term investment and substantial profits. However, it’s essential to remember that even diamonds need to be cut before they shine brilliantly, and these sell-offs could potentially pave the way for a brighter future for ETH.
A significant Ethereum investor (referred to as a ‘whale’), possessing approximately 37 million dollars’ worth of Ether (ETH), has started offloading their holdings following a historic low in the ETH/BTC ratio. This action underscores the prevailing pessimism surrounding the second-largest cryptocurrency by market capitalization. The digital currency may experience further declines, potentially dropping to around $1,800 according to crypto analyst Ali Martinez. Contrastingly, crypto analyst Master Kenobi is optimistic and predicts an imminent recovery for ETH prices.
Ethereum Whale Holding $37 Million In ETH Begins Selling
A prominent Ethereum investor, who had held onto their ETH worth approximately $37 million for eight years, has recently started selling some of their coins. This patient investor originally purchased Ethereum back in January and February of 2026 when the coin was valued around $5. Their wise decision to hang on to their investment has resulted in a staggering profit of nearly $38 million compared to their initial investment of just over $87,000. The news comes from the analysis platform SpotOnChain.
It appears that not just one large Ethereum holder is looking to cash out. According to Whale Alert, two significant investors have moved their Ethereum holdings to Coinbase with the intention of selling. The first investor transferred 14,081 ETH (equivalent to $33.98 million), while the second investor moved 13,977 ETH (valued at approximately 32.8 million dollars) to the cryptocurrency exchange.
This surge in sales occurs during a time when ETH/BTC has dropped below 0.04, reaching its lowest point since April 2021, indicating a bearish outlook on Ethereum. Notably, this trend is accentuated by reports suggesting that the Ethereum Foundation and wallets associated with Vitalik Buterin have been offloading their Ethereum holdings.
The cost of Ethereum (ETH) might decrease even more, potentially reaching $1,800. Analyst Ali Martinez highlighted that significant support for Ethereum exists between approximately $2,290 and $2,360, at which point over 1.9 million investors hold about 52 million ETH. If Ethereum breaches this demand zone, it could trigger a wave of selling, causing the price to drop down to around $1,800.
Ethereum Price Decline Is “Artificially Driven,” Likely To Recover Soon
In the midst of Ethereum whales aggressively selling, crypto analyst Master Kenobi claims that ETH‘s drop in price is manipulated and anticipates a quick recovery. Kenobi further explained that the recent price fluctuations are stirred by fear, uncertainty, and doubt (FUD) from individuals aiming to force out weak investors. He pointed out that no significant changes have occurred, and the overall sentiment remains positive as the coin’s underlying factors remain unchanged and optimistic.
The analyst hinted at past events to support his claim that the ETH/BTC pair is set to recover. He pointed out that Ethereum went through a drop in value after Bitcoin‘s halving, but it eventually saw a change in trend about 168 days post-halvings in both 2016 and 2020, which sparked an altcoin bull market. Consequently, Kenobi is optimistic that a price reversal for Ethereum is impending, and he anticipates the start of another altcoin boom period soon.
Currently, ETH is approximately valued at $2,288, experiencing a drop of more than 5% in the recent 24-hour period. According to an analysis by Coingape, the anticipated surge of Ethereum price towards $4,000 might be jeopardized due to developers’ plans to divide the Pectra upgrade into two separate stages.
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2024-09-16 09:48