An Ethereum ICO whale, who originally purchased 1 million ETH at $0.31 per token, has recently deposited a significant amount of Ether to a cryptocurrency exchange, realizing an astonishing profit of over 1 million percent.
Whale’s Massive Profit
Data reveals that this Ethereum whale’s wallet was created 3,300 days ago, receiving 1 million ETH during Ethereum’s ICO. Over the past month, the whale has moved 48,500 ETH, worth approximately $154 million, to the OKX exchange through 17 transactions. The last three transactions alone involved 5,000 ETH each. These deposits were made at an average price of $3,176 per ETH, resulting in an extraordinary 1,024,416% return on investment.
Ethereum whale wallets’ transactions over the past month. Source: etherscan.io
Despite these large transfers, the whale’s wallet still holds 15,600 ETH, suggesting that the selling might continue, potentially adding $41 million in sell pressure in the coming days.
Market Impact and Exchange Reserves
The significant sell-off by the whale, along with other notable sales such as Block Tower Capital’s liquidation of 9,232 ETH worth $25 million, has contributed to a bearish sentiment around Ether. Despite this, the total ETH held on exchanges has decreased from 17.1 million to 16.8 million in August, indicating some accumulation near the recent price bottom.
Ethereum exchange reserves. Source: cryptoquant
ETH Price Struggles
Ethereum’s price has faced challenges, particularly after the market downturn on August 5. The cryptocurrency has attempted to break through the $2,750 resistance level but has been met with rejection. Currently, ETH/USD is converging within an ascending triangle pattern on the 4-hour chart. For a bullish continuation, Ethereum needs to close above $2,750, which could pave the way for a retest of the $3,000 level. However, if ETH loses its position below $2,500, it may test support levels between $2,350 and $2,200.
Ethereum 4-hour chart. Source: Trading view
In the past 12 hours, ETH has dropped by 3%, reflecting the market’s cautious outlook as it navigates these crucial price levels.
