On-chain analytics firm Lookonchain has drawn attention to a dormant Ethereum whale that is back to life after being inactive for a year.
Shortly after reviving, the dormant ETH whale went on a major selling binge: 18,865 ETH have been sold so far for 42 million DAI through four new wallets, with an average selling price of $2,229.
At the time of Lookonchain's reporting, the whale had 5,588 ETH worth $12.5 million remaining.
During the week, as reported, a dormant Ethereum whale came back to life after more than three years of inactivity, depositing 5,000 ETH worth around $11.3 million to Coinbase shortly after.
However, it should be kept in mind that the activities of one or two Ethereum whales may not represent the sum of Ethereum whale activity.
In contrast to the selling spree that these whales have been on, several ETH whales have been accumulating.
Crypto analyst Ali reports that some of the largest Ethereum whales have been on a buying spree, acquiring over 100,000 ETH worth $230 million in the last week.
Ethereum (ETH) price action
At the time of writing, ETH was down 1.33% in the last 24 hours to $2,244. According to IntoTheBlock data, Ethereum trades in a crucial zone ranging from $2,216 to $2,302. Here, over 263,550 addresses hold nearly 2.9 million ETH.
On the upside, the $2,332 and $2,403 levels represent intermediate short-term barriers to ETH's price advance to $3,000. On the other hand, short-term support is envisaged at $2,127.
According to IntoTheBlock, Ethereum's fees have remained high this week, affecting supply. Ethereum has burned approximately 35,000 ETH in the last seven days, continuing its negative net issuance pattern that began in early November.