Ethereum Whales Make Strategic Sales During Surge

Ethereum, the leading altcoin, has experienced a significant price increase, climbing beyond $3,400. Alongside this rise, there was a notable sell-off totaling $528 million. Two prominent whales took advantage of the bullish trend, selling a combined total of 178,080 ETH and generating considerable profits. Despite Ethereum’s continued upward trajectory, these actions suggest a potential short-term market fatigue.

What insights does Trend Research offer?

Trend Research strategically acquired 184,115 ETH between late February and June at an average rate of $2,118. Amid the recent rally, they sold 79,470 ETH for an average price of $3,145, earning approximately $250 million in the process. With initial investments around $390 million, the company significantly boosted its earnings with these transactions.

Why does anonymity not deter strategic sales?

The firm still holds 105,664 ETH valued at roughly $354 million, indicating their approach to reducing but not fully relinquishing exposure. With the daily RSI hitting 83.46 and trading volumes surging, Trend Research—and likely others—exercises caution against an overbought market scenario.

Another major player, an anonymous investor, also played a role in the massive sell-off. This whale accumulated 132,536 ETH from June 11-22 at an average price of $2,518. Recently, they sold 98,610 ETH for an average of $2,819, securing $278 million in gains. Their wallet retains 35,022 ETH, valued at about $117.5 million, suggesting a gradual rather than complete market exit.

Despite these large transactions, Ethereum’s price remains resilient, trading above key moving averages as per CoinMarketCap data. The entry of the RSI into the overbought zone alongside heightened trading volumes indicates robust buyer engagement at elevated prices, with significant accounts capitalizing on increased liquidity.

• Ethereum’s trading volumes have surged alongside the recent price rally.
• Trend Research and the anonymous whale capitalized on the price surge to realize large profits.
• The whales retained a significant portion of their holdings despite the sell-off, reflecting a partial exit strategy.
• Ethereum’s support level remains strong between $3,200 and $3,300.

Should the cryptocurrency maintain support levels between $3,200 and $3,300, the bullish momentum could persist. This scenario would provide continual opportunities for traders to engage in profitable transactions as market dynamics evolve.