Final Countdown: Ethereum Whale Completes Liquidation, What’s Next for ETH?

• Ethereum Whale Nears End of Massive Sell-Off, Market Awaits Stabilization
• Whale’s Exit Could Bring Relief to Ethereum Price, Will the Bulls Return?
• Ethereum’s Whale Liquidation Winds Down: Key Levels to Watch for Price Stability
• After $171 Million Sell-Off, Ethereum Whale Nears the End of Liquidation Phase
• Ethereum Faces Key Support as Whale Liquidation Nears Completion

The massive liquidation of an Ethereum whale, who first received 200,000 ETH from the Genesis Block in 2015, is approaching its conclusion. In line with several significant sales throughout the year, the whale transferred 3,370 ETH (approximately $11.37 million) to Kraken today.

Throughout 2024, this whale has offloaded 48,687 ETH to Kraken, valued at $171.78 million, with an average selling price of $3,528 per ETH. Currently, the whale holds only 7,594 ETH, which has a market value ranging between $25 million and $72 million, depending on price fluctuations. This extensive sell-off has been closely watched, highlighting a crucial period in Ethereum’s history and sparking concerns over potential price suppression due to increased supply.

However, as this whale nears the end of its liquidation, the short-term downward pressure on Ethereum’s price may begin to ease. Ethereum’s price has been consolidating after its earlier rally this year and is now trading around $3,390, hovering just above key support levels provided by the 200 EMA at $3,006 and the 100 EMA at $3,219.

The price staying above these important moving averages indicates relative strength and positive market sentiment. While the whale’s sales have triggered immediate sharp drops, Ethereum has struggled to push significantly higher. The lack of strong momentum and trading volume has kept the market vulnerable to bearish sentiment, particularly since the $4,000 resistance level has not been retested in recent weeks.

As the whale’s selling spree winds down, Ethereum could benefit from reduced sell-side pressure, which may bring more stability to the market. Traders should keep an eye on key support levels at $3,219 and $3,000, as breaking below these could signal a bearish trend shift. On the other hand, if Ethereum can reclaim the whale’s average selling price of $3,528, it could signal renewed confidence among investors.

Ethereum remains at a critical juncture, with the potential for further consolidation or a breakout, as both market sentiment and on-chain dynamics evolve.