The Ethereum price has jumped back above $2,100 despite broader market volatility, driven by aggressive whale accumulation and tightening supply. However, recent updates reveal that whales are now selling their ETH, likely taking profit after prices recovered slightly. The key question now is whether this increased selling pressure could trigger a decline in Ethereum, potentially pushing its price back below $2,000 once again. ETH Faces Heavy Selling From Whales After recording massive accumulations just last week, crypto whales are now back to selling ETH. A new report released on X by on-chain researcher ‘The DataNerd’ revealed that a 2-year-dormant Ethereum whale recently deposited a staggering 15,000 ETH, valued at approximately $30.97 million, to the crypto exchange Coinbase. Based on the size and timing of the transfer, flagged by Arkham Intelligence, the dormant whale may be looking to sell or trade their ETH. Interestingly, the DataNerd disclosed that the whale was an early participant in Ethereum’s initial coin offering (ICO), meaning they bought ETH when the cryptocurrency first launched at an extremely low price. Related Reading: Ethereum Whales Are Making Money Again, But Will They Hold Or Sell? The post also mentioned that the whale used a dollar-cost averaging (DCA) strategy to buy 17,400 ETH at an average price of about $11.6 per coin on Poloniex. Despite moving some ETH to Coinbase, the whale still holds 14,800 ETH in their wallet, worth roughly $30.5 million, showing they haven’t sold most of their holdings yet. Another recent large-scale ETH sell-off was identified by blockchain analytics platform Lookonchain on X. According to the report, an “EthereumOG” with the wallet address 0xa2F6 sold 15,002 ETH on March 23, worth approximately $30.97 million. The data showed that the whale had previously received 172,700 ETH for $12.83 per coin a decade ago, valued at $2.2 million at the time. However, based on Ethereum’s price during the transaction, the whale’s holdings have gained by more than 16,082%, reaching a whopping $356 million. How This Selling Pressure Affects The Ethereum Price The recent spikes in whale selling activity could have broader implications for Ethereum’s price. When large ICO whales move their holdings to a crypto exchange, it often signals that they may be preparing to sell. Such large-scale ETH deposits can create significant selling pressure on the market, as other traders closely watching the whale movements may react by selling or adjusting their positions. Related Reading: The 8-Year Ethereum Convergence That Says An Altcoin Season Stronger Than 2021 Is Coming This can trigger a chain reaction, putting short-term downward pressure on Ethereum’s price. The effect is even stronger when the whales involved are bigger and older, significantly increasing price volatility. With ETH trading around $2,100, persistent whale sell-offs could push its price lower, possibly sending it below $2,000. Its price has already fallen by more than 5%over the past seven days, according to CMC data, highlighting its underlying bearish momentum. Featured image from Getty Images, chart from Tradingview.com
The second-largest cryptocurrency by market capitalization, Ethereum, appears to have quietly crossed an important critical threshold that has historically signaled major price expansions. While the Ethereum price action may still appear calm on the surface, underlying market structure and flow dynamics suggest a meaningful shift is underway. This type of transition typically occurs when accumulation replaces distribution, volatility compresses, and smart money positions ahead of broader market recognition. A Silent Shift That Usually Comes Before Violent Expansion Ethereum just crossed a quiet but massive threshold. Trader and investor Shuarix has mentioned on X that Zama has gone live with the first fully encrypted Initial Coin Offering (ICO) ever executed on the ETH mainnet, moving a confidential USDT and running a sealed-bid Dutch auction entirely on encrypted data. Related Reading: Ethereum Gains Institutional Support, Though ETH Price Outlook Remains Contested In just 3 days, more than $118 million was committed, over $100 million was shielded, and the auction was 218% oversubscribed with more than 11,000 verified bidders. At peak activity, the Zama application became the most-used app on ETH, surpassing both USDT and Uniswap during the event, with zero downtime and full ETH-level throughout. Crypto analyst Milk Road revealed that BitMine Immersion Technologies has made a large purchase of 40,302 ETH in a single move, which brings their total stack holdings to a massive 4,243,338 ETH, worth over $12.3 billion at the current price. In perspective, the company now controls 3.52% of the entire ETH circulating supply, and they’re not just letting it sit idle. According to Milk Road, BitMine has over 2 million ETH tokens already staked, generating $180 million in annualized rewards. This means the company is not just playing the buy-and-hold game, but compounding its position at scale, which is all well and good for BitMine. Meanwhile, this sustained buying pressure will help create a price floor for the long-term ETH holders. Furthermore, this move is the type of institutional accumulation that will keep ETH moving inside its ascending channel. Thus, this will help to pull the price back into that channel after the macro shocks temporarily push it out. “Below is the 2025 tariff shock. While the headlines try to muddy your view of things, this chart will tell the real story,” Milk Road noted. Accumulation Continues Despite Price Being Near Entry Levels The realized price of the Ethereum accumulation address is acting as a major support level. A crypto investor known as CW has also pointed out that ETH has only reached this realized price once in history, which is very similar to the current price range. Related Reading: Ethereum Stalls In A Critical Zone As Breakout Structures Wait For Confirmation However, the whale’s purchase price for ETH is not significantly different from the current price. Despite that, their ETH accumulation is increasing, indicating that whales still view the current price as fair value. This shows that they are preparing for an upward trend. Featured image from Adobe Stock, chart from Tradingview.com
The Ethereum network was built to democratize a finance platform where anyone, anywhere, could deploy code and create value. With no centralized oversight, ETH has become a stage where builders and grifters coexist, each leveraging the same tools of decentralization to vastly different ends. Can Ethereum Evolve Beyond Its Culture Of Exploitation? Ethereum has always been more than just a cryptocurrency. It’s a programmable, open finance framework that allows anyone to build and exploit ETH. According to AdrianoFeria’s post on X, this openness has enabled innovation and also allowed countless grifters to accumulate vast amounts of ETH by selling low-quality tokens and NFTs to retail investors. Related Reading: Ethereum Has A Fundamental Problem, Warns Cyberpunk Nick Szabo The mechanism of extraction was simple yet profound, so that retail investors, ironically seeking to gain more ETH exposure through higher beta plays, ended up parting with the very asset they sought to accumulate. These grifters effectively extracted ETH that might have otherwise remained in the hands of long-term holders. However, one of the earliest and most glaring examples was EOS. At its peak, it held about 7.2 million ETH, which is roughly 6% of the total supply, marking the largest single treasury in existence. A subsequent wave of Initial Coin Offering (ICO) and NFTs is believed to have extracted more ETH from the hands of long-term retail holders. This continuous speculative excess transferred wealth, creating selling pressure that ultimately slowed down ETH’s long-term appreciation. Furthermore, Adriano Feria asserts that ETH has finally moved beyond that phase and will be reflected in price action (PA) with steadier growth and much stronger relative strength during market corrections. Institutions are actively embracing ETH, and even hardcore BTC maximalists have been forced to acknowledge ETH’s technological strengths and the undeniable institutional traction it has attracted. These expectations are for a boring supercycle, and with crypto commentators (CT folks) still trying to call the top. Still, this very stability and institutional foundation is precisely what the ETH supercycle is meant to look like. Why Ethereum Legacy Belongs To Everyone A digital artist, ArtvisionNFT, from Ukraine, who specializes in NFTs, has revealed that in the fast-moving world of blockchain, history is at risk of being forgotten. As a result, the Covalent_HQ Ethereum Wayback Machine (EWM) was built to ensure the full history remains intact and accessible to everyone, anywhere, to access the verified blockchain data. Related Reading: Ethereum On-Chain Bloodbath: Rugs And Scams Erode Retail Confidence, What To Know However, EWM acts as a digital time capture, collecting, verifying, and storing old block using a decentralized system. Those process ensures that developers can use EWM to audit smart contracts, build analytics, and trace blockchain activity. EWM protects the transparency, accountability, and innovation in the broader Web3 ecosystem. At its core, Covalent_HQ’s mission is to make sure ETH’s story is never lost. Featured image from Getty Images, chart from Tradingview.com
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