A significant Ethereum holder known by wallet address 0x3c9E has sold 33,682 ETH over a three-day period, equivalent to approximately $119 million. This included depositing 7,500 ETH directly to a major centralized exchange platform.
The sizable divestment exerted noticeable short-term selling pressure on Ethereum, raising concerns about price stability. Key technical support levels are now being tested near $3,000, with potential downside targets at $2,800 or $2,500 if bearish momentum persists.
Despite substantial ETH liquidity impacts, the whale’s activity demonstrated no observable spillover effects into other cryptocurrency assets, confining market volatility specifically to the Ethereum ecosystem.
Market analysts and participants are actively monitoring blockchain data to gauge potential long-term implications for Ethereum’s network health. Neither cryptocurrency exchanges, the Ethereum Foundation, nor regulators have issued formal statements addressing the event, leaving broader financial stability assessments unclear.