An Ethereum ICO whale recently moved a massive amount of cryptocurrency, stirring speculations within the crypto community.
A crypto whale from Ethereum's ICO recently moved a massive amount of cryptocurrency, sparking speculations within the crypto community.
On December 25, a transaction involving 4,160 ETH, valued at $14.5 million, was sent to the Kraken exchange. This shift has fueled concerns about a potential sell-off that could impact Ether’s price trajectory.
The transfer occurred at 21:20 UTC between two wallets, with the sending wallet identified as “0x55df” and the recipient as “0x54d6,” a Kraken deposit address. The sending address has been tied to an early participant in Ethereum’s 2015 initial coin offering (ICO), during which the investor received 20,000 ETH for just $6,200 at a rate of $0.31 per coin.
SpotOnChain, a blockchain analytics platform, highlighted that this wallet has a history of strategically selling Ethereum during local market peaks. For instance, when it reached $4,000 on December 4, the whale sold 2,719 ETH, valued at $10.1 million at the time. Similar sales were observed on October 31 and September 28, when the wallet offloaded a combined 60 ETH worth $158,000.
Despite the recent transfer, the whale still retains 7,043 ETH, valued at $24.6 million, which remains staked for yield rewards. This behavior reflects a pattern of cautious profit-taking while maintaining a significant Ether reserve. Such actions often signal the whale’s anticipation of further market corrections, prompting debates about the asset's near-term outlook.
Ethereum's market behavior has seen fluctuations due to sporadic whale activity. Between September and October, Ether whales collectively moved millions, including a notable two-week period in October where one wallet offloaded 19,000 ETH worth $31.6 million. Another ICO participant moved 5,000 ETH to Kraken, generating skepticism about potential price pressures.
Currently, Ether is trading at $3,427, reflecting a 1.58% decline in the last 24 hours, alongside a trading volume drop of 16.22% to $18.17 billion. Analysts are closely monitoring the $3,523 resistance level, which is critical for its short-term price movements. Breaking this level could propel the price toward $3,763 and possibly beyond $4,100.
On the flip side, a failure to breach $3,523 might lead to a retest of the $3,256 support level. If this support fails, Ether could face additional selling pressure, potentially driving the price to $3,096. These movements underscore the volatility and heightened sensitivity of the market to whale activity.
