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What happens when a sleeping crypto giant stirs? That’s the question haunting Ethereum traders right now. A wallet that sat untouched since 2016 suddenly became active, sparking a massive selloff. With millions still at play, Ethereum’s future feels a bit uncertain.
A Quiet Giant Finally Moves
Back in 2016, an Ethereum whale scooped up 398,889 ETH for just $6 per token. Imagine grabbing that much ETH when it was peanuts. For eight years, the wallet stayed silent. But on November 7, 2024, it came alive. The whale sold 73,356 ETH, raking in over $224 million.
This move has everyone on edge. Why now? And will they sell more? The wallet still holds a huge stash of ETH, which could easily disrupt the market if dumped. Traders are nervous, and rightly so.
ETH Stands Tall
Despite the big selloff, Ethereum hasn’t crumbled. In fact, its price went up 5% intraday, reaching a high of $3,429. Sure, it dipped to $3,147, but it bounced back quickly. Following the rise of Bitcoin towards $100k, ETH is up 29% this month, proving it can handle market movements. ETH currently trades at $3,337 with a 2.77% fall from its intraday high but still keeping 1% up from its price in the last 24 hours. RSI at 65 points suggests there is still room for growth, however the second largest crypto faces resistance at $3,400.
The derivatives market also tells an interesting story. Futures open interest rose 10% to $70.79 billion, and options trading exploded 81.70% to $1.15 billion. People are still betting big on ETH, which shows confidence hasn’t disappeared.
Fear vs. Hope
Not everyone’s feeling calm, though. The market sentiment remains at 88, showing high greed. However, many are worried about what’s next. Reports of 20.8 million ETH moving to Coinbase have fueled fears of another dump. If that happens, Ethereum price might take a hit. On the flip side, Ethereum’s resilience has sparked hope. Strong trading volumes and steady prices suggest the market might absorb more shocks than expected. Will the whale sell more, or is the worst over?
What’s Next?
Nobody really knows how this will play out. The whale’s remaining ETH is like a ticking clock. For now, Ethereum is holding its ground, but traders are watching every move. If the whale makes another big sell, we could see some turbulence. But if ETH keeps showing strength, it might just come out on top.