Ethereum

Arbitrum

Optimism

Ethereum (ETH) tumbled 6.45% in the past week, marking a rough stretch for the world’s second-largest cryptocurrency. Generally, Ether has left investors much to desire in recent times with a price decline of 16.57% over the last few months. Amidst this bearish market, a crypto whale has sold off all his Ethereum tokens drawing much attention from traders and market experts alike.&nbsp; 
<h2 id="strong-eth-whale-liquidates-holdings-incurs-substantial-loss-strong">ETH Whale Liquidates Holdings, Incurs Substantial Loss</h2> 
In <a href="https://x.com/lookonchain/status/1789233917515731366" target="_blank" rel="noopener nofollow">an X post</a> on May 11, blockchain tracking platform Lookonchain reported that a crypto whale offloaded all its 6,714 ETH tokens at a market price of $19.5 million. While the profit looks quite massive, LookonChain states that the investor actually recorded a loss of $6.5 million based on the acquisition price of these tokens. 
Generally, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-whales-interest-50000/" target="_blank" rel="noopener ">whale transactions</a> gain much attention among investors as they are viewed as indicators of market trends. Thus, if a whale suddenly sells a large portion or all of their holdings it may be interpreted as a bearish signal prompting other investors to follow suit, resulting in a price dip. 
However, that may not necessarily be the case with the ETH market following this recent whale sell-off. With the <a href="https://www.newsbtc.com/bitcoin-news/bitwise-cio-unveils-5-major-forecasts-for-bitcoin-2028-halving-anticipates-a-280-price-surge/" target="_blank" rel="noopener ">Bitcoin halving</a> completed in April, the crypto bull run is expected to begin in the following months based on historical data.&nbsp; 
In previous times, Ethereum has proven as one of the most favorable assets for investors in this period. Notably, the altcoin gained by over 2000% in the months following the Bitcoin halving in 2020. Thus, most ETH investors are likely to hold on to their tokens.&nbsp; 
Aside from Ethereum, the whale also liquidated all its 428,047 Optimism (OP) and 901,685 Arbitrum (ARB) at a loss of $902, 000 and $1.08 million respectively. In total, they incurred a loss of $8.43 million in offloading their investments in the three prominent altcoins. 
<h2 id="strong-eth-price-overview-strong">ETH Price Overview</h2> 
At the time of writing, ETH <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener nofollow">trades</a> at $2,919 reflecting a slight price gain of 0.27% in the last day. The altcoin appears to be heading for the $,2940 resistance zone. With sufficient buying pressure, ETH could push through this region with the next resistance level set at the $3050 price zone.&nbsp; 
However, the altcoin’s daily trading volume has currently declined by 44.85% falling to a value of $6.71 billion. Ethereum, which ranks as a bigger altcoin remains 40.4% off its all-time high value of $4,891.70 achieved in November 2021z&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-large" src="https://www.tradingview.com/x/iIkx24uj/" alt="Ethereum" width="1480" height="893">

Ethereum Whale Offloads Holdings Amidst Market Downturn

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