An Ethereum whale, previously the biggest recipient of Genesis Trading’s liquidation, has just sold 40,000 ETH for $89.2 million. This large sale comes as Ethereum struggles to hold its ground, with prices up 6.96% at $2,244 but trading volumes down 14%.
On March 4 and 5, the whale transferred 30,000 ETH to Galaxy Digital and another 10,000 ETH to FalconX. In return, they received $20 million USDC from Galaxy Digital and $19.49 million USDC from FalconX.
This sale has caught the attention of the crypto community, especially since the whale initially received 114,500 ETH from the Genesis Trading liquidation.
Losses Pile Up
At the time of the compensation, ETH was trading at $3,128. But with prices now significantly lower, the whale’s holdings have lost nearly 30% of their value, wiping out $110 million. This major sell-off suggests the whale might be preparing for further price declines.
Ethereum has been struggling, dropping over 13% in the past week. CryptoQuant data shows that unrealized profits among ETH whales have fallen to levels last seen in the last bear market. The declining ETH/BTC ratio is adding to market fears.
On-chain data also reveals that only 5.7 million ETH (7.55% of the supply) is in profit, while 69.7 million ETH (92.4%) is at a loss.
Over the past two weeks, more than 60,000 ETH has been moved to exchanges, signaling increased selling pressure.
Currently, Ethereum is trading around $2,250 after failing to break past the $2,400 resistance level. Analysts believe a move above this level could push ETH toward $3,000. However, if selling pressure continues, ETH could fall further, with support levels between $2,015 and $2,368 offering some stability.
ETH could be rising due to increased buying at support levels, positive macro trends, ETF speculation, or whale accumulation.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
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