Ethereum Whale Sell-Off $23 Million of ETH

On October 25, 2024, a blockchain-based transactions tracker Lookonchain made a post on X (Previously Twitter) that a whale wallet address “0x883

A whale wallet address “0x883” has dumped 8,982 ETH, valued at $22.93 million, into the cryptocurrency exchange OKX. This recent dump marks the complete sale of the whale's ETH holdings, which were withdrawn from OKX in March 2024 and staked before the approval of the spot Bitcoin ETF by the SEC.

According to blockchain transactions tracker Lookonchain, this whale made a profit of nearly $3 million from this sale.

A whale wallet address 0x883 has dumped all of his ETH holdings, which is nearly $23 million, after holding it for 10 months.

This whale withdrew 8,800 ETH on January 6 and staked it. Later, on October 17 and October 25, they deposited all 8,982 ETH into OKX, making a profit of around $3 million.

This recent dump appears to be a response to the worsening market conditions and continuous price decline, which may have prompted the whale to sell their holdings.

At press time, ETH trades at $2,490 with a price decrease of 2.15% in the past 24 hours. However, ETH's price experienced a surge of 23% in trading volume during the same period. This price decrease and high trading volume indicate a strong presence and participation from traders and investors.

According to technical analysis, ETH is at a crucial support level of an ascending trendline, which it has respected since early September. This support level is critical for ETH's upcoming rallies and serves as a make-or-break situation.

If the current sentiment continues and the price breaches this support level, closing a daily candle below the $2,400 level, there is a high chance that the asset could drop to the $2,200 level. However, if sentiment shifts and ETH manages to hold itself above this crucial support level, there is a good chance that the asset could rally to the $3,000 level.

It's also worth noting that ETH's price is below the 200 Exponential Moving Average (EMA), indicating a downtrend in price.

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