Ethereum (ETH) community is concerned due to ongoing sales by a large whale. This whale, who acquired 1 million ETH at just $0.31 during Ethereum’s ICO, has been making headlines with recent sales. Today, the whale transferred another 5,000 ETH to the OKX exchange, continuing the selling spree. Following this sale, ETH’s price fell below the $2,500 level, experiencing a 4% drop.
Whale Continues ETH Sales
In the past month, the whale has transferred a total of 48,500 ETH (approximately $154 million) to the OKX exchange. The increasing sales by the whale have caused significant concerns in the Ethereum market. Initially, the whale sold 1,000 ETH on July 8, 2024, followed by 1,500, 2,000, 2,200, and most recently, 2,800 ETH transfers, continuously increasing the sales volume. Finally, the whale created market pressure by transferring 5,000 ETH consecutively.
This aggressive selling strategy caused ETH’s 
price to drop below the $2,500 level, alarming investors. The whale still holds 951,500 ETH, which is estimated to be worth approximately $2.41 billion at current prices. If such a large amount of ETH is released into the market, price stability could be seriously jeopardized.
Key Risk Factors for Ethereum Price
After ETH’s price fell below the $2,800 level, technical analysis indicates that selling pressure might increase. Particularly, the crossing of the 50-day and 200-day moving averages could result in a “death cross,” potentially dropping the price to the $1,830 level. Additionally, recent liquidations of long positions in Ethereum have heightened concerns about further price declines.
Conversely, there was a $105 million inflow into spot Ethereum ETFs last week. However, ETFs ended the week with three consecutive days of outflows, indicating a mixed approach among market participants.
Moreover, speculations arose in the market regarding claims that the Chinese government moved ETH seized from the Plus Token ponzi scheme. It was reported that 789,534 ETH, worth approximately $2 billion, were transferred to the Bidesk exchange. Although this transfer occurred in 2021, it may not significantly impact today’s market. Nonetheless, this transfer, whale sales, and declining interest in ETFs suggest caution in the Ethereum market.
