A notable development occurred in the altcoin market. A cryptocurrency whale, known for holding Ethereum (ETH) for a long time and referred to as a “diamond hand,” sold a significant portion of their ETH holdings. According to the blockchain analysis platform Lookonchain, the whale offloaded 15,000 ETH a few hours ago.
Whale Pocketed $132 Million in Profit
Data shows that in September 2022, in the midst of a bear market, the whale purchased a total of 96,639 ETH at $1,567 per ETH and held this investment until now. The whale, who withdrew ETH from Coinbase, was dubbed “diamond hand” by the crypto world due to their long-term investment strategy. Access COINTURK FINANCE to get the latest financial and business news.
With the bull market starting in March 2024, Ethereum’s price began to rise. During this period, when Bitcoin reached record levels of nearly $74,000 and ETH surpassed $4,000, the whale started to realize their profits. According to data provided by Lookonchain, the cryptocurrency whale sold a total of 55,000 ETH for $176 million at $3,199 each since March. After the sale, the whale currently holds 41,639 ETH worth $107 million.
With this sales strategy, the whale made a total profit of approximately $132 million. The whale’s sale led to speculation in the cryptocurrency market about the future direction of ETH’s price.
Current Status of ETH Price
Ethereum recovered from the $2,500 support level on August 15, but bulls are struggling to push the price above $2,700. At the time of writing, ETH is trading at $2,572, down 3.45% in the last 24 hours.
If the price continues to fall from its current level, it is likely that the altcoin king will drop below $2,500. In this scenario, the price could fall to $2,309, where bulls may attempt to halt the decline again.
On the other hand, if buyers can push ETH above $2,690, the price could rise to $2,850. Selling pressure is likely at this level, but if bulls prevail, it could signal the end of the downtrend. In this scenario, a decisive break above the 50 and 200-day simple moving averages at $3,000 and $3,246 could indicate the start of the next uptrend for the altcoin king.
