Ethereum price has climbed back above $2,100 despite broader market volatility driven by aggressive whale accumulation and tightening supply. However, recent updates show that whales are now selling their ETH. likely to take profits after prices recover slightly. The main question now is whether this increased selling pressure could potentially cause Ethereum to decline bringing the price back below $2,000 once more.
ETH faces heavy selling by whales
After huge accumulations were recorded last weekcrypto whales are now back to selling ETH. A new report released on X by on-chain researcher ‘The DataNerd’ revealed that a two-year dormant Ethereum whale recently deposited a whopping 15,000 ETH, worth about $30.97 million, into the crypto exchange Coinbase.
Based on the size and timing of the transfer, marked by Arkham Intelligence the sleeping whale may want to sell or trade its ETH. Interestingly, DataNerd revealed that the whale took part early on Ethereum’s initial coin offering (ICO).meaning they bought ETH when the cryptocurrency first launched at an extremely low price.
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The message also stated that the whale was a dollar cost average (DCA) strategy to buy 17,400 ETH at an average price of about $11.6 per coin on Poloniex. Despite moving some ETH to Coinbase, the whale still has 14,800 ETH in their wallet, worth approximately $30.5 million, showing that they have not yet sold the majority of their assets.
Another recent one massive ETH sell-off was identified by blockchain analytics platform Lookonchain on The data showed that the whale had previously received 172,700 ETH at $12.83 per coin a decade ago, valued at $2.2 million at the time. However, based on Ethereum’s price during the transaction, the whale’s assets increased by more than 16,082%, to a whopping $356 million.
How this selling pressure affects the Ethereum price
The recent peaks in whale sales activity could have broader implications for Ethereum’s price. When big ICO whales move their assets to a crypto exchange, it is often a signal that they are preparing to sell. Such large-scale ETH deposits could create significant selling pressure on the market, as other traders who keep a close eye on whale movements can do respond by selling or adjust their position.
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This can cause a chain reaction, in the short term downward pressure on the price of Ethereum. The effect is even stronger when the whales involved are larger and older, significantly increasing price volatility. With ETH trading around $2,100, continued whale sell-offs could push the price down, potentially pushing it below $2,000. According to CMC data, the price has already fallen more than 5% in the last seven days, underscoring the underlying bearish momentum.
Featured image from Getty Images, chart from Tradingview.com