Ethereum Whale Dumps $23 Million of ETH as Price Sinks

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The current market sentiment is quite confusing and unpredictable regarding whether the price of the asset will rally or crash. Given the current market conditions, an Ethereum Whale that holds nearly $23 million worth of ETH has dumped its entire holding after holding it for 10 months. 

Ethereum Whale Sell-Off $23 Million of ETH

On October 25, 2024, a blockchain-based transactions tracker Lookonchain made a post on X (Previously Twitter) that a whale wallet address “0x883” dumped 8,982 ETH worth $22.93 million to the cryptocurrency exchange OKX. The whale withdrew these notable ETH from OKX and staked it before the spot Bitcoin ETF received approval from the SEC.

With this recent dump, it appears that the whale finally gave up its ETH after holding it for 10 months and made a profit of nearly $3 million. The potential reason behind this dump is current market conditions and continuous price decline.

Ether Price Momentum 

At press time, ETH is trading near $2,490 and has experienced a price decline of over 2.15% in the past 24 hours. During the same period, its trading volume jumped by 23%, indicating higher participation from traders and investors, likely due to the ongoing price decline.

Ethereum Technical Analysis and Upcoming Level

According to the expert technical analysis, ETH is at a crucial support level of an ascending trendline, which it has been respecting since the beginning of September 2024. However, this support level is vital for ETH’s upcoming rallies, as it acts as a make-or-break situations.

If the current sentiment remains unchanged and the price breaches the support level and closes a daily candle below the $2,400 level, there is a strong possibility that the asset could decline to the $2,200 level. On the other hand, if sentiment changes and ETH holds itself above the crucial support level, there is a strong possibility that the asset could soar to the $3,000 level.

Additionally, ETH’s price is below the 200 Exponential Moving Average (EMA), indicating a downtrend.