A mysterious whale has made a surprising move by selling a large amount of ETH as the price was close to reaching $3,000. According to Lookonchain, an on-chain analytics provider, a whale has sold 16,597 ETH worth $48.7 million at $2,934 on decentralized exchanges (DEX) in the last 24 hours.
This move comes as Ethereum was on the verge of breaking the $3,000 resistance level, which many analysts and traders considered as a crucial milestone for the second-largest cryptocurrency. Ethereum has been on a strong uptrend since the beginning of the year, fueled by the growing adoption of decentralized finance (DeFi) and non-fungible tokens (NFTs), as well as the anticipation of the upcoming network upgrades.
However, the whale’s decision to dump ETH at this critical moment could indicate that they are taking profits or expecting a price correction. It could also be a sign of market manipulation, as some whales may try to influence the price by creating fear, uncertainty, and doubt (FUD) among other investors.
The whale’s identity and motive remain unknown, as they have used multiple DEX platforms to execute their transactions. However, some clues suggest that they are not new to the crypto space, as they have been accumulating ETH since January 2020, and have also traded other tokens such as UNI, AAVE, and LINK.
The impact of the whale’s move on the Ethereum price is yet to be seen, as the cryptocurrency is still trading above $2,800 at the time of writing. Some analysts believe that Ethereum will soon resume its bullish momentum and surpass $3,000, while others warn of a possible pullback or consolidation.
