Ethereum price has moved back above $2,100 despite broader market volatility driven by aggressive whale accumulation and tight supply. However, recent updates reveal that whales are now selling their ETH, it is likely that he will take profits after the price rises slightly. The key question now is whether this increased selling pressure could trigger a decline in Ethereum, potentially pushing its price below $2,000 once again.
ETH faces heavy selling from whales
After recording massive accumulations last weekcrypto whales are now returning to selling ETH. A new report published on X by on-chain researcher “The DataNerd” revealed that a 2-year-dormant Ethereum whale recently deposited a staggering 15,000 ETH, worth approximately $30.97 million, on crypto exchange Coinbase.
Depending on the scale and timing of the transfer, reported According to Arkham Intelligence, the sleeping whale may be looking to sell or trade its ETH. Interestingly, the DataNerd revealed that the whale was one of the first participants in Ethereum Initial Coin Offering (ICO)meaning they bought ETH when the cryptocurrency first launched at an extremely low price.
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The message also mentioned that the whale had used a dollar cost average (DCA) strategy to buy 17,400 ETH at an average price of around $11.6 per coin on Poloniex. Despite moving some ETH to Coinbase, the whale still holds 14,800 ETH in its wallet, worth around $30.5 million, showing that it has not yet sold most of its holdings.
Another recent large-scale sale of ETH was identified by blockchain analytics platform Lookonchain on The data showed that ten years ago, the whale had already received 172,700 ETH for $12.83 per coin, valued at the time at $2.2 million. However, based on the price of Ethereum during the transaction, the whale’s holdings gained over 16,082%, reaching a whopping $356 million.
How this selling pressure affects the price of Ethereum
Recent peaks of whale sales activity could have broader implications on the price of Ethereum. When large ICO whales move their holdings to a crypto exchange, it is often an indication that they may be preparing to sell. Such large-scale ETH deposits can create significant selling pressure in the market as other traders closely monitoring the whales’ movements could do so. react by selling or adjust their positions.
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This can trigger a chain reaction, causing short-term downward pressure on Ethereum price. The effect is even stronger when the whales involved are larger and older, which significantly increases price volatility. As ETH trades around $2,100, persistent whale sales could push its price lower, eventually pushing it below $2,000. Its price has already fallen more than 5% over the past seven days, according to CMC data, highlighting its underlying bearish momentum.
Featured image from Getty Images, chart from Tradingview.com
