Dormant Ethereum Whale Sells $224M ETH: Will Prices Continue to Rise?

The selling created pressure but the whale’s future moves are unknown and how it will affect Ethereum’s price. Typically with big sales like this the market is bearish but Ethereum is not.

Ethereum Price Defies Selling Pressure

Despite the whale selling, Ethereum is strong in the market. ETH is at $3,337, up 5% intraday, with a 24hr low of $3,147 and high of $3,428. Up 29% in the last month.

Coinglass data shows this. Ethereum’s futures OI up 10% to $70.79 billion and derivatives volume up 63%. Investors are optimistic and ETH is strong even with selling pressure.

Market is Optimistic?󠁧󠁢󠁥󠁮󠁧󠁿

The whale is selling into a market that is getting more and more interested in Ethereum. Derivatives market is getting more confident with higher volume and OI.

Despite the bearishness, Ethereum is still going up even with big sales. So the trend may continue to go up but traders are watching out for the whale’s next move.

Key Highlights:

• Dormant Ethereum whale sold $224M worth of ETH after eight years.
• ETH price rose 5% to $3,337, defying selling pressure.
• Ethereum futures OI increased by 10%, reaching $70.79 billion.