
A dormant Ethereum wallet from 2016 recently sold a large amount of ETH, causing market volatility.
The sudden sale sparked concerns about potential further dumps and their impact on Ethereum's price.
Despite the initial sell-off, Ethereum has shown resilience, with its price recovering and market sentiment remaining good.
What happens when a sleeping crypto giant stirs? Thatโs the question haunting Ethereum traders right now. A wallet that sat untouched since 2016 suddenly became active, sparking a massive selloff. With millions still at play, Ethereumโs future feels a bit uncertain.
The Whaleโs Eight-Year Silence Ends
In 2016, an Ethereum whale bought 398,889 ETH at just $6 per tokenโa bargain by todayโs standards. For eight years, the wallet remained inactive, like a sleeping giant. But on November 7, 2024, it roared to life. The whale sold 73,356 ETH, earning over $224 million.
Traders Left Wondering: Why Now?
The timing has traders asking: why sell now, and will they sell more? The wallet still holds a significant amount of ETH, which could shake the market if dumped. Naturally, this uncertainty is making traders uneasy.
Despite the selloff, Ethereum proved its resilience. Its price rose 5% intraday, peaking at $3,429 before dropping to $3,147. It quickly rebounded and now trades at $3,337, down 2.77% from the intraday high but up 1% in the last 24 hours. Following Bitcoinโs march toward $100,000, Ethereum has gained 29% this month, showing it can still navigate market turbulence.
With an RSI of 65, Ethereum has room to grow but faces resistance at $3,400.
The derivatives market adds another layer to the story. Futures open interest climbed 10% to $70.79 billion, while options trading volumes surged 81.7% to $1.15 billion. These numbers indicate that traders still have faith in Ethereum, even with the looming uncertainty.
Greed and Fear: Mixed Market Sentiments
Market sentiment is high, with the Fear and Greed Index sitting at 88, signaling greed. But concerns linger. Reports of 20.8 million ETH moving to Coinbase have sparked fears of another potential dump. If more ETH floods the market, prices could face significant downward pressure.
However, Ethereumโs resilience provides hope. Strong trading volumes and steady rebounds suggest the market might absorb further shocks better than expected.
A Ticking Clock
The whaleโs remaining ETH feels like a ticking clock for the market. If another big sell happens, turbulence could follow. But if Ethereum continues to show strength, it might emerge even stronger.
Will the whale sell again, or is the worst over? For now, Ethereum holds its ground, but all eyes remain on the giant that woke up after eight years of silence.