Ethereum OG Drops $136M ETH: Will It Lower Ether’s Price?
An early Ether (ETH) investor sold his ETH holdings last week as the price headed toward $2,000, sparking fears of further losses. However, onchain data tells a different story as traders speculate on where ETH/USD might go down.
Main Receptors:
An early Ethereum whale sold $136 million in ETH, adding pressure when Ether traded below $2,000. Onchain data shows no evidence that older ETH investors are selling in bulk. Analysts warn that the price of ETH may fall further towards the $1,500 support.
Ethereum OG whale sells $136 million worth of ETH
Ethereum Whale, an early investor from the network's early years, sold 55,000 ETH worth about $112.25 million and 9,442 ETH for roughly $24 million last week.
Related: Ether bears are at risk of a squeeze at $2B as short positions build around $2K.
An early Ether investor pulled in $136 million at an average of $2,041 per ETH. basis Lookonchain to blockchain data tracking.
Selling with old ETH wallet. Source: Lookonchain
However, this does not appear to be part of a broader trend, as an analysis of Ethereum supply based on “HODL waves” shows that a large amount of Ethereum supply remains stationary on different time frames. In fact, the share of supply by seniors has increased overall over the past year.
Recently, the 3m to 6m investor pool has seen a significant drop in supply, down from 13.5% on May 19 to 9%. This shows that most of the supply change hands are taking place in short-term holdings.
Ethereum: HODL Waves. Source: Glassnode
In fact, the supply held by the 5y-7y investors' group increased marginally to 9% from 8.59% on May 19.
The chart below shows that the modest increase in supply from 5-7 years ago has only been seen in recent weeks and is below the movement seen in 2022 when the price of ETH falls below $1,000.
ETH: Total supply lasts 5 years to 7 years. Source: Glassnode
Except for many important players Announcement You sold a room or Their entire ETH holdings Recently, there is no widespread trend to support the argument that Ethereum OGs will be sold in bulk.
Did the price of Ether drop to $1,500?
As of Thursday, ETH/USD is teetering on the $2,000 psychological level as traders look for further downside.
At the time of writing, ETH is at $1,980, down 2% in the last 24 hours and down 6.5% for the week.
“This doesn't look good for Ethereum,” said analyst Alex Marzel. he said. Adds the following to the X-Post on Sunday.
“Momentum continues to give bears as $ETH approaches the next key support area.”
ETH/USD Daily Chart. Source: X/Marzell
Marzel refers to the Critical support around $1,800Analysts say that there will be no deep correction.
Associate analyst Merlijn the merchant he said. As shown in the three-day chart below, the price action of ETH/USD is “mapping perfectly on the Wyckoff Accumulation structure.
The analyst stated that ETH is currently in “Phase B consolidation, the peak after the sell-off” and is entering Phase C, where it will be below $1,500.
ETH/USD three-day chart. Source: Merlijn The Trader
Another analysis by Echo Analysis predicts that a bearish flag split will see ETH price drop to $1,500 support.
ETH/USD Daily Chart. Source: Eco Analysis
According to Cointelegraph reportedIncreased supply on exchanges and reduced demand for ETFs risk ETH another leg to the $1,500-$1,700 demand zone.
