Ethereum whales moved huge amounts of this flagship altcoin in the last few weeks. Over $13 million was transferred by the latest transfer to OKX, a crypto-exchange.
The whale population is on the rise
A whale Ethereum investor who received 1,000,000 ETH in the Ethereum genesis wallet (which was created when the Ethereum network produced its genesis blocks) has been selling his assets over the last few months.
According to the latest analytics data, Look Chain’s platform indicates that the wallet transferred 5,000 ETH in August. The transaction, which was worth approximately $13.2m at the time, formed part of a pattern of regular deposits. It began with a move of 1000 ETH on July 12th.
The whale transferred 48,500 tokens worth approximately $154,000,000 to a crypto exchange in Seychelles, with an average cost of $3,176. The whale acquired these assets at a price of $0.31 for each token, during Ether’s Initial Coin Offering.
Transfers were made in small batches ranging from 1000 to 5000 ETH. The wallet contained 15,600 ETH at the time of publishing, which is over $41,000,000. While recent events have sparked concern among ETH traders about the impact of the whale on ether’s price, others remain hopeful.
A user speculated that Whale might soon stop selling, pointing out the remaining 16000 ETH in both wallets. Another user said that it’s “better” for the whale to dump funds now than wait until a rally in future prices.
Other investors were concerned about the pressure that this could exert on ETH’s price. The ETH was still recovering from its August 8 fall of $2197, following the Bank of Japan interest rate increases and the fears of recessions in the U.S.
A whale wallet that grabbed around $13 million worth of Ether for an average price $2.5k, compared to the previous one. The recent deposit by OKX was offset but only represented a small fraction of funds that were moved.
Jump Trading, a crypto-market maker that sold over 100,000 ETH last month in a selling frenzy, is the source of these recent sales. According to analysis platform 0xScope, between August 3 and 5, major Ethereum market makers sold 130,000 Ether.
Justin Sun, the founder of Tron, purchased over 1,600 Ethereum for $5 million USDT.
Analysts are optimistic
ETH is currently trading above $2,600, an increase of over 10% from the previous week.
Analysts have also maintained an optimistic stance as the pressure to sell whales continues to ease.
DonAlt, a prominent analyst on X wrote that this was his first “confluent support” for a very long time. He showed a graph showing ETH’s crucial support levels in relation to BTC and USD. If the support levels are maintained, it is possible that prices could rebound. If they are broken, this could signal further price decline.
Wolf, a crypto analyst, also suggested that charts would be greener if ETH was able to reclaim its $3000 level last seen in August.
The analyst noted in a later post that the Head and Shoulders chart on the inverted ETH/USD was a pattern. He also stated that breaking above the neckline of $4,000 could indicate a strong bullish rally, which would lead to an upward price movement.
A post by crypto trader Poseidon states that ETH has recently recovered from a previous support area between $2200 and $2400. The analyst is likely to view the Fibonacci levels at $6,000 (1.272) and $7,800 (16.18) as future price targets.
The post Ethereum Whales Transfer $13 Million to OKX amid Analyst Bullishness could be updated as new information becomes available
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