Key takeaways:
- An Ethereum whale secured a $9.87 million profit after just 14 days.
- ETH’s RSI signals potential short-term correction toward $3,000.
- Despite profit-taking, long-term holders show sustained bullish conviction.
An Ethereum whale locked in nearly $10 million in profits after 14 days, coinciding with a price pullback that ended a 8-day winning streak.
Ethereum Whale Realizes 38% Gains
Ethereum address “0x8C08…” sold its entire position in 9,582 ETH, purchased two weeks prior at an average price of $2,725, realizing a profit of $9.87 million.
Average selling price was $3,751, effectively turning an initial $26.11 million investment into a $36 million portfolio value.
This was the wallet’s third large sale in 30 days.
Glassnode’s “Cost Basis Distribution Heatmap” provides additional context, showing a fading cluster of buying around the $2,520 level.
Weren’t listed for sale are nearly 2 million ETH purchased at similar low prices, suggesting long-term holders remain committed despite recent gains.
Ethereum Faces Correction
Ethereum extended its recent rally upward, pushing its 14-day RSI near 78, an overbought reading that often precedes short-term corrections.
Trading activity led ETH’s price to fall over 3% on Tuesday, breaching its ~$3,800 local high on a daily chart.
Market structure remains relatively intact, with Ethereum holding decisively above its multi-year ascending trendline.
A potential reaction to $3,000-3,200 coincides with short-term support at the 20-day Exponential Moving Average.
Ongoing buying interest below the current price suggests a correction may facilitate technical accumulation before new highs become a primary goal.
This article is not investment advice and should not be taken as such. Always conduct your own research to determine the appropriate investment approach for you.
