Ethereum (ETH) price is having a rough time in Q3. New data shows that an Ethereum ICO whale with 1 million ETH has been moving large amounts of money to exchanges in the past month.
The launch of a spot Ethereum ETF has also failed to spark a positive price reaction, with net total inflows largely negative due to Grayscales’ ETHE outflows.
Whale bought 1M ETH in ICO for $0.31.
According to Lookonchain, the given Ether whale address was “born” 3,300 days ago when it received 1 million ETH at a price of $0.31. However, over the past month, the wallet has made 17 transactions, all of which were deposited to the OKX exchange. The transaction value has been increasing gradually, with the last three deposits being 5,000 ETH.
The 48,500 ETH deposited during this period is worth approximately $154 million, or an average of $3,176 per ETH. This is a whopping 1,024,416% return on investment (ROI) from the initial price of $0.31.
The current whale wallet balance is 15,600 ETH. If the “selling frenzy” continues, there could be another $41 million of potential selling pressure in the coming days.
Additional selling was also observed at Block Tower Capital, where the investment firm sold 9,232 ETH worth approximately $25 million.
It is as follows #Blocktower Capital Sales 9,232 $Ethereum ($24.8M) through #FalconX, #Cumberland, #wintermuteand #B2C2 Group.https://t.co/8xgOWrI1yA pic.twitter.com/zGk1Q71eHE
— LookOnChain (@lookonchain) August 13, 2024
ETH continues to leave cryptocurrency exchanges
While whale and institutional selling has been bearish on the ETH price, Ether exchange holdings paint a different picture. According to CryptoQuant data, the total number of ETH held on exchanges actually decreased from 17.1 million to 16.8 million in August.
This decline was particularly notable between August 5 and August 13, when Ether’s price fell below $2,800, indicating that it may be accumulating near its recent bottom. This decline is part of a larger trend that has seen cryptocurrency exchange holdings decline by 8.5% since January 1.
Ether price rejected at $2,750.
Since the market crash on August 5, Ethereum has outperformed many other altcoins, but has struggled to break above key levels in the past 12 hours.
On the 4-hour chart, ETH/USD is converging narrowly at the end of the ascending triangle pattern. To sustain the bullish trend, Ether needs to close positively above the $2,750 neckline, increasing the likelihood of a retest of $3,000. However, if ETH loses its position below $2,500, it could also retest $2,350-$2,200 as support.
The ETH price has fallen 3% over the past 12 hours after dropping from its recent high of $2,750.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.