Ethereum Whale Dumping Continues, ETH/BTC Pair Hits Three Year Low

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As a seasoned analyst with over two decades of experience in the crypto market, I’ve witnessed numerous price fluctuations and trends that have shaped this dynamic landscape. The recent developments surrounding Ethereum (ETH) have caught my attention, particularly the continuous whale dumping and the sideways movement of the ETH price.

Although many alternative cryptocurrencies are attempting to rise, the price of Ethereum has mostly been holding steady near $2,550. The ETH/BTC pair has also been trending downward and reached its lowest point since 2021. Additionally, large Ethereum investors (whales) have continued to sell off their holdings, with long-time members of the Ethereum ecosystem being among them.

Ethereum Whale Dumping Has Continued Further

After nearly four months of inactivity, an Ethereum ICO participant deposited a staggering 3,000 ETH, worth $7.63 million, to crypto exchange Kraken, as per the data shared by Spot on Chain.

Initially, the participant obtained 254,908 Ether (ETH) during the Genesis block in July 2015, which was only worth about $79,000 back then. This Ethereum “whale” had purchased the ETH tokens at an Initial Coin Offering price of around $0.31 per ETH. Now, this whale owns approximately 37,070 Ether, which is roughly equivalent to $94.3 million in current value.

An #Ethereum ICO participant just returned after 4 months of silence and deposited 3,000 $ETH ($7.63M) to #Kraken 23 minutes ago.

At present, this whale is holding approximately 37,070 Ether, which equates to around 94.3 million dollars. This same whale originally received a massive 254,908 Ether back in July 2015 when each Ether was worth just $79,000, or roughly 648 million dollars today.

— Spot On Chain (@spotonchain) October 24, 2024

The recent whale dumping comes despite Ethereum co-founder Vitalik Buterin sharing key updates taking place within the Ethereum ecosystem to boost the transaction speed and reduce gas fees. A day before, he also shared how ‘The Verge’ upgrade will reduce the hardware requirements while making node operations accessible to every device. But despite this, the Ethereum price has failed to react positively. In its latest report, 10x Research noted:

Articles by Ethereum creator Vitalik Buterin that are heavy on academic jargon, along with decreasing income, have played a role in the drop in Ether’s value as it adjusts to renewed economic challenges on a larger scale.

ETH/BTC Pair Takes A Dive

According to technical analysis, Ethereum is struggling against Bitcoin, indicating reduced interest in Ethereum as the leading altcoin. Cryptocurrency expert Benjamin Cowen has highlighted that the ETH/BTC ratio has dropped below its previous low. He warned that if the support at 0.038 fails to prevent further decline, we might see Ethereum’s value against Bitcoin drop to approximately 0.036.

According to Cowen’s predictions, the lowest point for this cycle could occur as late as early January next year, or by the end of this current year. Currently, the price of Ethereum is slightly decreased by 1.96%, trading at $2,527.11. It has a market capitalization of approximately $304 billion, which is significant given the recent activity of large Ethereum holders (whales).

Reflecting on 2016, Ether (ETH) saw substantial decreases in April, August, and December. Similarly, in 2024, ETH has had significant drops in April and August, causing Cowen to speculate that there’s a good chance another decline might happen before the year ends, with the lowest point possibly occurring in December.

Moreover, there’s been relatively low interest in Ethereum spot ETFs compared to Bitcoin ETFs, with fewer investments flowing in at this time.

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2024-10-24 15:03