Two significant Ethereum investors executed substantial sell-offs, collectively depositing 178,080 ETH valued at approximately $528 million onto exchanges as the asset’s price ascended beyond $3,470. This activity signals strategic profit-taking amidst the ongoing rally.
One whale transaction involved moving 89,070 ETH (worth $280 million) to an exchange after recording a significant unrealized profit. Analysis shows these tokens were acquired earlier near $2,118 per ETH and were sold near $3,145. Concurrently, a distinct large holder engaged profit-taking by selling 89,010 ETH ($248 million) at the $2,819 price point, partially exiting a position initially established near $2,518. This coincided with technical indicators, like the Relative Strength Index (RSI), reaching overbought territory at 83.46.
Despite these substantial sell-offs, analyst outlooks remain cautiously bullish. Technical indicators point towards sustained upward potential, highlighting crucial support levels at the 4-hour Exponential Moving Averages, particularly the 20-period EMA, and within the $3,200 to $3,300 price band.
Market sentiment retains an optimistic undercurrent. While securing profits, whales continue to maintain considerable ETH holdings, interpreted by analysts as sustained confidence in the asset’s longer-term prospects.