Key Points
- Ethereum price surges by nearly 9%, but long-term Ethereum whales start to sell off.
- Despite strong whale activity, Ethereum price remains steady and is holding above $2,800.
Ethereum has seen a significant increase in price, rising nearly 9% in the last 24 hours to reach the $2,850 level. This surge sets the stage for a potential bull run. However, long-term Ethereum whales have become active after 8 years and have started to sell off Ethereum during this rally.
According to SpotonChain, two long-term Ethereum whales have sold a total of 33,701 ETH, valued at an astounding $89.11 million. An Ethereum ICO whale, known as “0xB8c”, transferred 25,000 ETH, valued at $65.67 million, to the Kraken exchange and sold at approximately $2,627 per ETH. This whale still holds 64,450 ETH, estimated to be worth $181.2 million.
Whale Activity and Ethereum Price
In another transaction, the whale “0x0c1” returned to the market after nearly nine years of inactivity and sold 8,701 ETH for $24.05 million USDC at roughly $2,764 per ETH. This sale represents a 689x profit, with 0x0c1’s remaining balance now at 2,304 ETH, valued at $6.48 million.
Additionally, another inactive Ethereum whale has resurfaced and is holding 12,001 ETH worth $34.1 million. This investor bought the ETH for an average price of $8.58 in early 2016, and could realize a 330x profit if sold at current market values.
Despite this strong whale activity, the Ethereum price has continued to show strength and is holding above $2,800 levels. Following the Trump victory, the inflows into spot Ethereum ETF also surged to $52.3 million on Wednesday. Fidelity’s FETH saw inflows at $26.9 million while Grayscale’s mini-ETF (ETH) saw inflows of $25.4 million.
Ethereum Price and Future Predictions
In the past few months, Ethereum has been following Bitcoin in directional moves. However, Ethereum price is still far from its all-time high level of $4,891 achieved back in 2021. while BTC went into the discovery zone twice this year, ETH has still been struggling.
Recently, ETH has become a sell-on-rise bet for investors. However, with today’s move, ETH price has broken out above its downward trending slope with its immediate target of crossing $3,000 in the near term. This breakout could set the tone for a 75% ETH price rally from here onwards.
Tron founder Justin Sun commented on the situation, stating: “With the improvement in macro crypto policies, we are very optimistic about the market outlook (including ETH). Instead of selling, we believe it’s an excellent time to continue accumulating and building.”
On the upside, ETH price faces a crucial resistance at $2,840 and needs to flip this zone to break the barrier lock. A daily close above $2,840 could turn this area into a breaker block, setting the stage for a potential rally toward the $3,100–$3,300 range or beyond.
