There was an unexpected development in the cryptocurrency market. An Ethereum that has been dormant for more than 8 years $2,318 whale started selling some of his ETH holdings.
A Small Portion of the Big Investment Was Sold
This whale purchased a total of 16,636 ETH between January and February 2016, when the unit price of Ethereum was around $5. This amount, which was an initial investment of $87,136, has now reached approximately $38 million with the market price of ETH at $2,340.
On September 15, the whale sold a small portion of his holdings, cashing out just 350 ETH, netting him $819,000 from the sale, representing a 446% increase over his initial investment.
Other Whales’ Movements and Market Impact
According to Etherscan data, after this sale, the whale still holds approximately $1.2 million worth of Tether USD (USDT). This situation once again shows the long-term importance of Ethereum for the crypto whale. The whale still has a significant amount of Ether in its possession.
Additionally, other Ethereum whales have reportedly transferred large amounts of ETH to the Coinbase exchange over the past 24 hours. One whale moved 14,081 ETH ($33.98 million) and another moved 13,977 ETH (about $32.8 million). These moves are believed to be sales.
Experts’ Opinions and Future Predictions
Cryptocurrency markets are struggling to gain momentum after recent corrections. Bitcoin 
$59,001 and Ethereum have fallen significantly from their peaks in early 2024. Crypto analyst Ali Martinez warned that Ethereum could fall even further, noting that ETH could fall below $2,000. Martinez points to critical support levels between $2,290 and $2,360, where 1.9 million addresses hold around 52 million ETH.
Ali Martinez: “Critical support for Ethereum is between $2,290 and $2,360, where approximately 1.90 million addresses hold 52.30 million ETH. If this demand zone is broken, we could see a sell-off that pushes ETH towards $1,800.”
In contrast, another prominent analyst, Master Kenobi, believes Ethereum is on the verge of a recovery. He points to historical trends following Bitcoin halvings. In past cycles, market reversals occurred 168 days after the 2017 Bitcoin halving and 224 days after the 2021 halving. He notes that it is now 150 days since the block reward halving and that a market recovery could be imminent, with optimism surrounding newly approved Bitcoin exchange-traded funds.
The movements of Ethereum whales can have a significant impact on the dynamics of the cryptocurrency market. The re-activation of wallets that have been inactive for a long time attracts the attention of investors. The different views of market analysts reflect the uncertainty of future price movements and indicate that investors should pay attention to risk management. While large volume sales can put pressure on the market, positive developments and historical trends can support optimism. Therefore, it will be useful for market participants to follow up-to-date information and make informed decisions.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
