ETH Whale with ‘Super Diamond Hands’ Sells Ethereum Holdings

In a surprising move that has stirred the interest of the cryptocurrency community, an Ethereum (ETH) whale known for their unwavering holding strategy has recently divested a significant portion of their ETH holdings. According to data from Lookonchain, this whale executed a transaction selling off 15,000 ETH just hours ago.

This particular whale, dubbed the “diamond hand,” has built a reputation for their steadfast approach to holding assets over the long term, a characteristic that has earned them the moniker “diamond hand,” as highlighted by Lookonchain.

The whale’s journey began during the bear market in September 2022 when they withdrew a massive 96,639 ETH valued at $151.42 million from Coinbase at a price of $1,567 per ETH. Remarkably, they retained this substantial stash until March 2024.

As the market surged earlier this year, propelling Bitcoin to record highs nearing $74,000 and ETH surpassing $4,000, the whale seized the opportunity to capitalize on the escalating prices.

It wasn’t until the market transitioned into a bullish phase in March 2024 that the whale initiated the selling of their holdings. Since the onset of the bull market, the whale has offloaded 55,000 ETH valued at $176 million at $3,199, leaving them with 41,639 ETH currently valued at $107 million.

The decision by the “diamond hand” whale to liquidate their Ethereum holdings during the bull market has proven to be immensely lucrative. By strategically timing their sales as the market rebounded, the whale reaped profits amounting to approximately $132 million.

In terms of Ethereum’s price action, the cryptocurrency rebounded from the $2,500 support level on August 15, but encountered resistance in surpassing the $2,700 mark. At the time of reporting, ETH was down by 3.45% in the last 24 hours, trading at $2,572.

Looking ahead, if the price trend continues its descent from the current level, Ethereum could potentially breach below $2,500, with a possible decline to $2,309 where bullish momentum may attempt to halt the slide. Conversely, a push above $2,690 might propel Ethereum towards $2,850, a level likely to attract selling pressure, although a successful breakthrough by the bulls could signal a potential end to the downtrend.

Should Ethereum decisively surpass the daily simple moving averages 50 and 200 at $3,006 and $3,246, respectively, it could mark the initiation of the next upward trajectory for the cryptocurrency.