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In a move that has caught the attention of the cryptocurrency community, a "diamond hand" Ethereum (ETH) whale has sold a substantial portion of their holdings.
According to blockchain analytics platform Lookonchain, the whale offloaded 15,000 ETH in a transaction hours ago.
This particular whale has gained a reputation for their long-term holding strategy, earning them the moniker "diamond hand," as indicated by Lookonchain.
The whale initially bought massive ETH, withdrawing 96,639 ETH (valued at $151.42 million) from Coinbase during the bear market in September 2022, when the price was $1,567 per ETH, and held onto this substantial stash until March 2024.
With the market boom earlier this year, which pushed Bitcoin to all-time highs of nearly $74,000 and ETH to highs above $4,000, the whale began to capitalize on the rising prices.
Tomiwabold OlajideAccording to lookonchain, it was not until March 2024, when the market began to shift into a bullish phase, that the whale started to sell off their holdings. Since entering the bull market in March, the whale has sold 55,000 ETH worth $176 million at $3,199. This has left them with 41,639 ETH, presently valued at $107 million.
The "diamond hand" whale's decision to sell Ethereum holdings since the bull market proved quite rewarding. By timing their sales as the market recovered, the whale made about $132 million in profit.
Ethereum price action
Ethereum rebounded from the $2,500 support on Aug. 15, but bulls are having difficulty pushing the price beyond $2700. At the time of writing, ETH was down 3.45% in the last 24 hours, at $2,572.
If the price continues to fall from its current level, Ethereum is likely to breach below $2,500. In this case, Ethereum may fall to $2,309, where bulls will once again attempt to halt the decline.
On the other hand, if buyers push the ETH price above $2,690, Ethereum might surge to $2,850. This level is again expected to attract sellers, but if the bulls prevail, it might signal that the downtrend may be over.
In this case, a decisive break above the daily simple moving averages 50 and 200 at $3,006 and $3,246, respectively, might begin the next uptrend for Ethereum.
Alex Dovbnya
