ethereum (eth) fell 6.45% last week, marking a bad run for the world's second-largest cryptocurrency. Overall, Ether has left investors a lot to be desired as of late, with its price dropping 16.57% in recent months. In the midst of this bear market, a crypto whale sold all of its ethereum tokens, attracting a lot of attention from both traders and market experts.
eth Whale liquidates its holdings and suffers a substantial loss
In x.com/lookonchain/status/1789233917515731366″ target=”_blank” rel=”nofollow”>a post On May 11, blockchain tracking platform Lookonchain reported that a crypto whale dumped all of its 6,714 eth tokens at a market price of $19.5 million. While the profit seems pretty huge, LookonChain claims that the investor actually recorded a loss of $6.5 million based on the acquisition price of these tokens.
In general, whale trading attracts a lot of attention among investors as they are considered indicators of market trends. Therefore, if a whale suddenly sells a large part or all of its holdings, it can be interpreted as a bearish signal that will prompt other investors to do the same, causing prices to drop.
However, that may not necessarily be the case for the eth market after this recent whale sell-off. With the bitcoin halving completed in April, the cryptocurrency bull run is expected to begin in the coming months based on historical data.
In the past, ethereum has proven to be one of the most favorable assets for investors in this period. Notably, the altcoin gained over 2000% in the months following bitcoin's halving in 2020. Therefore, most eth investors are likely to hold on to their tokens.
In addition to ethereum, the whale also liquidated all of its 428,047 Optimism (OP) and 901,685 Arbitrum (ARB) with a loss of $902,000 and $1.08 million respectively. In total, they incurred a loss of $8.43 million by dumping their investments in the three largest altcoins.
Related reading
eth Price Overview
At the time of writing, eth ethereum/” target=”_blank” rel=”nofollow”>trade winds to $2,919, reflecting a slight price gain of 0.27% in the last day. The altcoin appears to be heading towards the $2940 resistance zone. With enough buying pressure, eth could break through this region with the next resistance level set at the $3050 price zone.
However, the daily trading volume of the altcoin has currently decreased by 44.85%, to a value of $6.71 billion. ethereum, which is classified as a larger altcoin, remains 40.4% away from its all-time high value of $4,891.70 reached in November 2021z
x/iIkx24uj/” alt=”ethereum” width=”1480″ height=”893″ loading=”lazy”/>
eth trading at $2,921.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from Smithsonian Magazone, chart from Tradingview
