Liquidation process for Ethereum The whale that first received 200,000 ETH from the Genesis Block in 2015 is coming to an end. In keeping with the trend of large sales throughout the year, the whale sent 3,370 ETH (about $11.37 million) to Kraken. today.

In 2024, 48,687 ETH ($171.78 million) were transferred to Kraken at an average of $3,528 per ETH. Currently, the whale has only 7,594 Ethereum, which is worth between $25 million and $72 million. This action highlights a pivotal period in Ethereum's evolution and market dynamics. Heavy selling activity of early holders often raises concerns about price declines caused by oversupply.

However, the fact that this whale has almost finished selling may reduce downward pressure on Ethereum price in the short term. Ethereum It is moving through a consolidation phase on the price chart after rising earlier this year. The price is currently trading near $3,390, just above the crucial support levels provided by the 200 EMA at $3,006 and the 100 EMA at $3,219.

Relative strength is indicated by prices remaining above these moving averages, which are important measures of market sentiment. Although the whale selling activity led to a sharp price drop immediately, it is consistent with that EthereumDifficulty in penetrating to the top. The market is now vulnerable to bearish sentiment due to lack of volume and momentum, especially since it was unable to retest the $4,000 resistance level in recent weeks.

The exhaustion of this whale sell-off may act as a stabilizing factor for Ethereum in the future, reducing the pressure on the open market to sell. Since a break below the $3,219 and $3,000 support levels could signal a bearish shift, traders should monitor these levels. A recovery of $3,528 – the average selling price of a whale – could boost investor confidence on the positive side. Ethereum is currently in a risky position, juggling the possibility of a breakout with additional consolidation as market sentiment and chain dynamics change.