The crypto world is abuzz after an Ethereum whale, whose wallet has remained dormant for over eight years, has started liquidating its holdings. This development has sparked concerns among traders and investors as it coincides with Ethereum’s ETH/BTC pair hitting its lowest level in three years.
Key Highlights
- A dormant Ethereum whale has begun selling ETH after holding for eight years.
- The whale held $37 million in ETH and made a substantial profit.
- Ethereum price could drop to $1,800 due to growing bearish sentiment.
The Whale’s Story
Onchain analytics platform SpotOnChain recently revealed that an Ethereum whale, who has held onto their coins for eight years, began selling after the ETH/BTC pair dropped below 0.04 — its lowest level since April 2021. The whale, known for their “diamond hands,” initially bought Ethereum between January 19 and February 23, 2016, when the coin was trading at just $5. After nearly a decade of holding, the whale is now sitting on a massive profit, having turned an $87,136 investment into a whopping $38 million.
While this is a lucrative return, the timing of the sell-off has raised questions. Why now? The ETH/BTC pair hitting a three-year low may indicate a broader market shift, and this whale’s decision to sell could signal concerns about Ethereum’s immediate future.
Other Whales Are Selling Too
This whale isn’t the only big player offloading Ethereum. Onchain analytics platform Whale Alert reported two other whales recently moved large sums of ETH to Coinbase, likely to sell. The first whale (0x346…d9912) transferred 14,081 ETH worth $33.98 million, while the second transferred 13,977 ETH ($32.8 million).
The timing of these transfers, paired with the dormant whale’s activity, reflects a significant change in market sentiment towards Ethereum. The bearish outlook is further supported by reports suggesting that wallets linked to the Ethereum Foundation and co-founder Vitalik Buterin have also been selling.
Ethereum Price Outlook: Could It Fall to $1,800?
The price of Ethereum is already under pressure and could continue to fall. The ETH/BTC pair has been in decline for months, and as of now, Ethereum risks hitting new lows. Popular crypto analyst Ali Martinez believes that if ETH breaks below a key support level between $2,290 and $2,360 — where approximately 1.9 million addresses hold 52 million ETH — the price could plummet as low as $1,800.
This zone is seen as a critical demand area for Ethereum, and any break below it could trigger a sell-off cascade, driving prices lower. On the other hand, some analysts remain optimistic. Master Kenobi, a crypto expert, believes that while the current market sentiment is bearish, ETH could recover soon due to upcoming positive developments in the Ethereum ecosystem.
Bearish Sentiment Takes Hold
The ETH/BTC pair dropping to a three-year low is a clear sign of Ethereum’s relative weakness compared to Bitcoin. Traders and analysts are growing increasingly cautious, and many expect further downside movement unless Ethereum can reclaim key price levels.
The sudden activity from dormant whales and other significant holders only fuels the uncertainty, making this a critical period for Ethereum investors. Will this be a temporary dip or the start of a more extended downturn?
The next few weeks will be crucial for Ethereum’s price action, as any further downward movement could create panic among retail investors. Keep an eye on the ETH/BTC pair and support levels, as they will be key indicators of Ethereum’s next move.
Conclusion
The Ethereum market is entering a pivotal moment, with whales selling off and market sentiment turning bearish. While some analysts remain hopeful for a price recovery, others predict Ethereum could drop as low as $1,800 in the near future. Investors should closely monitor key price levels and market developments as this plays out.
For now, the once-dormant whale’s decision to sell after eight years may be a signal of what’s to come — a more cautious and potentially bearish outlook for Ethereum in the short term.
ENG WANJIKU
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