In 2015, an Ethereum Whale first obtained 200,000 ETH from the Genesis Block, and its liquidation process is about to end. In order to maintain the trend of large sales throughout the year, the Whale today sent 3,370 ETH (about 11.37 million US dollars) to Krkn.

In 2024, 48,687 ETH ($171.78 million) was transferred to Krkn, averaging $3,528 per ETH. Currently, this Whale only has 7,594 ETH, valued between $25 million and $72 million. This action reveals a critical period in the development and market dynamics of Ethereum. The significant selling activities of early holders often raise concerns about price suppression due to increased supply.

However, the fact that this Whale is almost sold out may alleviate short-term downward pressure on the price of ETH. After soaring earlier this year, ETH has been going through a consolidation phase on the price chart. The current price is close to $3,390, slightly above the key support levels provided by the 200 EMA at $3,006 and the 100 EMA at $3,219.

The relative strength or weakness is indicated by the price staying above these moving averages, which are important indicators of market sentiment. Although Whale's selling activity caused an immediate sharp drop in price, it is consistent with the difficulty of ETH breaking through the resistance. Due to the lack of volume and momentum, the market is now susceptible to bearish sentiment, especially since it has failed to retest the $4,000 resistance level in recent weeks.

The depletion caused by this Whale's sell-off may become a stabilizing factor for the future of ETH, reducing the selling pressure in the open market. Breaking below the support levels of $3,219 and $3,000 may indicate a bearish trend, and traders should closely monitor these levels. Reclaiming $3,528 (the average selling price of the Whale) may boost investor confidence. ETH is currently in an unstable state, and with the changing market sentiment and on-chain dynamics, it may either break through or further consolidate.