An unexpected development has occurred in the cryptocurrency market. A long-dormant Ethereum 
$3,096 whale, inactive for over eight years, has started selling a portion of its ETH holdings.
Small Portion of a Significant Investment Sold
This whale purchased a total of 16,636 ETH during January and February of 2016, when Ethereum’s unit price was around five dollars. Initially a $87,136 investment, this amount has grown to approximately $38 million at today’s ETH market price of $2,340.
On September 15, the whale sold a small portion of its assets, converting just 350 ETH into cash. This sale generated $819,000, representing a staggering 446% increase compared to the original investment.
Movements of Other Whales and Market Impact
According to Etherscan data, following this sale, the whale still holds around $1.2 million worth of Tether USD (USDT). This indicates the long-term importance of Ethereum for the cryptocurrency whale. The whale still possesses a substantial amount of Ether.
Additionally, reports indicate that other Ethereum whales have transferred large amounts of ETH to Coinbase within the last 24 hours. One whale transferred 14,081 ETH (worth approximately $33.98 million), while another moved 13,977 ETH (about $32.8 million), suggesting that these actions are aimed at selling.
The cryptocurrency markets are struggling to gain momentum after recent corrections. Bitcoin 
$89,985 and Ethereum have significantly retreated from their peaks reached in early 2024. Crypto analyst Ali Martinez warned that Ethereum could fall further, potentially dropping below $2,000. Martinez highlights critical support levels between $2,290 and $2,360, where around 1.9 million addresses hold approximately 52 million ETH.
Ali Martinez: “The critical support for Ethereum is between $2,290 and $2,360, where approximately 1.90 million addresses hold 52.30 million ETH. If this demand zone breaks, we could see a sell-off pushing ETH towards $1,800.”
Conversely, another renowned analyst, Master Kenobi, believes Ethereum is on the brink of recovery, pointing to historical trends following Bitcoin halving events. In previous cycles, market reversals occurred 168 days after the 2017 Bitcoin halving and 224 days after the 2021 halving. Currently, 150 days have passed since the block reward halving, and with optimism surrounding newly approved Bitcoin exchange-traded funds, a market recovery may be imminent.
The movements of Ethereum whales could significantly impact the dynamics of the cryptocurrency market. The reactivation of long-dormant wallets is drawing the attention of investors. While various opinions from market analysts reflect uncertainties in future price movements, they emphasize the need for investors to prioritize risk management. Large sales may exert pressure on the market, yet positive developments and historical trends can support optimism. Therefore, it will be beneficial for market participants to stay updated and make informed decisions.
