Whale Awakens, Transfers 11,104 ETH Worth $19.97 Million, Is Sell-Off Incoming to Ethereum?

Today, a dormant Ethereum whale grabbed market attention after making its first transaction in eight years. This long-dormant whale received wide publicity by transferring 11,104 ETH from his cold wallet to on-chain.

The awakened Ethereum whale

After 8 years, today this dormant whale transferred 11,104 ETH tokens worth $19.97 million from his cold wallet. Out of the amount, he deposited 247.93 ETH (worth $445,889 million) to Coinbase and transferred the rest (10,856 ETH valued at $19.52 million) to a new wallet.

Initially, the whale bought the entire ETH tokens for $2.51 million from Kraken and Gemini at an average price of 226.04 for each token. He currently holds unrealized profit of $17.45 million.

Often, dormant wallets abruptly becoming active and initiating transactions signal intentions of selling and profit-taking agendas. Such activity typically hints that the market is likely to go through a correction, particularly when movements of such funds go to a crypto exchange’s deposit wallet.

Ethereum price updates

Ether has witnessed substantial declines in recent weeks, with its price drops indicating cautiousness among users. The asset is currently standing at $1,770, down 1.5% over the previous day. Its value has also been down 3.5% and 18.9% over the past week and one month ago, respectively.

Regardless of the ongoing bearish outlook, Ether continues to grab huge interest from whales. Lookonchain data, dated April 4, 2025, showed that whales are grasping the opportunity to acquire huge quantities of ETH amid market dips. Just within that day, two prominent whales accumulated a total of 15,563 ETH worth $28.03 million. The first whale purchased 4,100 ETH worth $7.32 million, while the other one bought 11,463 ETH valued at $20.78 million. The continued activity of these large investors signifies that although the token could be undervalued (due to recent price drops), there is hope for a bullish momentum once market conditions recover.

Metrics from Coinglass shows that Open Interest (IO) on Ethereum rose by 1.26% over yesterday, to currently standing at $20.30 billion. This increase in IO suggests that traders are increasingly creating new positions in the Ethereum market. A surge in OI indicates that traders are progressively coming into the market, optimistic about a potential price rise.

Technical indicators show that Ether has broken down from a symmetrical triangle pattern. This suggests that the asset is now set to move in a neutral pattern where both sellers and purchasers battle for control. This means Ethereum is now primed to move in a consolidation momentum.

If the asset gains strength, it is likely to surge to the resistance levels of $1,847 and $1,876 in the next few days. However, if it lacks momentum, it may drop further to the support levels of $1,734 and $1,704 soon.