Ethereum

Diamond

Stash

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In a move that has caught the attention of the cryptocurrency community, a "diamond hand" <a href="https://u.today/ethereum-to-166000-fund-managers-weigh-in-on-eth-price" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> whale has sold a substantial portion of their holdings.
According to blockchain analytics platform <a href="https://x.com/lookonchain/status/1825940363837890694" rel="noopener noreferrer nofollow">Lookonchain</a>, the whale offloaded 15,000 ETH in a transaction hours ago.
This particular <a href="https://u.today/ethereum-eth-whales-going-insanely-bullish-details" rel="noopener noreferrer nofollow">whale</a> has gained a reputation for their long-term holding strategy, earning them the moniker "diamond hand," as indicated by Lookonchain.
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 A "diamond hand" whale sold 15K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($39.66M) again 2 hours ago.This smart whale withdrew 96,639 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($151.42M) from <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a> at $1,567 during the bear market in September 2022 and held it until March 2024.Since entering the bull market in March, the whale has sold 55K… <a href="https://t.co/JmIMY8QUEO" rel="noopener noreferrer nofollow">pic.twitter.com/JmIMY8QUEO</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1825940363837890694?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 20, 2024</a>
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The whale initially bought massive ETH, withdrawing 96,639 ETH (valued at $151.42 million) from Coinbase during the bear market in September 2022, when the price was $1,567 per ETH, and held onto this substantial stash until March 2024.
With the market boom earlier this year, which pushed Bitcoin to all-time highs of nearly $74,000 and ETH to highs above $4,000, the whale began to capitalize on the rising prices.
According to lookonchain, it was not until March 2024, when the market began to shift into a bullish phase, that the whale started to sell off their holdings. Since entering the bull market in March, the whale has sold 55,000 ETH worth $176 million at $3,199. This has left them with 41,639 ETH, presently valued at $107 million.
The "diamond hand" whale's decision to sell Ethereum holdings since the bull market proved quite rewarding. By timing their sales as the market recovered, the whale made about $132 million in profit.
<h2 id="ethereum-price-action">Ethereum price action</h2>
<a href="https://u.today/ethereum-eth-surges-449-in-surprising-whale-activity-amid-market-dip" rel="noopener noreferrer nofollow">Ethereum</a> rebounded from the $2,500 support on Aug. 15, but bulls are having difficulty pushing the price beyond $2700. At the time of writing, ETH was down 3.45% in the last 24 hours, at $2,572.
If the price continues to fall from its current level, Ethereum is likely to breach below $2,500. In this case, Ethereum may fall to $2,309, where bulls will once again attempt to halt the decline.
On the other hand, if buyers push the ETH price above $2,690, Ethereum might surge to $2,850. This level is again expected to attract sellers, but if the bulls prevail, it might signal that the downtrend may be over.
In this case, a decisive break above the daily simple moving averages 50 and 200 at $3,006 and $3,246, respectively, might begin the next uptrend for Ethereum.

'Super Diamond Hand' ETH Whale Sells Ethereum Stash

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