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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.
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.
