Ethereum

bullish

Block

when

rocky

The Ether price is experiencing a rocky third quarter as new data reveals that an Ethereum initial coin offering (ICO) whale with 1 million ETH has been moving major amounts to exchanges over the past month.
The launch of spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>)&nbsp;exchange-traded funds in the United States hasn’t triggered a positive price reaction either, as net total inflows <a href="https://cointelegraph.com/news/grayscale-eth-etf-stems-bleeding-activity-spikes-on-ethereum">remain largely negative</a><a href="https://cointelegraph.com/news/grayscale-eth-etf-stems-bleeding-activity-spikes-on-ethereum"></a> due to outflows from the Grayscale Ethereum Trust.
<h2 data-ct-non-breakable="true" id="whale-bought-1-million-eth-at-0-31-in-ico">Whale bought 1 million ETH at $0.31 in ICO</h2>
The given Ether whale address was “born” 3,300 days ago when it received 1 million ETH at a price of $0.31, <a href="https://x.com/lookonchain/status/1823186492627484778" target="_blank" rel="noopener nofollow">according</a> to Lookonchain. Over the past month, however, the wallet has carried out 17 transactions, all of which were deposits to the OKX exchange. The transaction value increased gradually, with the last three deposits coming in at 5,000 ETH.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/578c9b9d-6ef5-49da-a2ae-c3f1c881a4dc.png" alt="Ethereum ICO whale deposits 48.5K ETH at 1,024,416% profit" title="">
 <figcaption style="text-align: center;">
 The Ethereum whale wallet transactions over the past month. Source: etherscan.io
 </figcaption>
</figure>
The 48,500 ETH deposited during this time is worth roughly $154 million at an average price of $3,176 per ETH. That is a whopping 1,024,416% return on investment (ROI) from its initial price of $0.31. 
Currently, the <a href="https://etherscan.io/address/0xe17e2774c8b2453172fb3b44e9f822c718fa0ab7#internaltx" target="_blank" rel="noopener nofollow">whale’s wallet balance</a><a href="https://etherscan.io/address/0xe17e2774c8b2453172fb3b44e9f822c718fa0ab7#internaltx" target="_blank" rel="noopener nofollow"></a> is 15,600 ETH. If the “selling spree” continues, another $41 million in potential sell pressure could be added in the next few days. 
Additionally, further selling was observed at the hands of Block Tower Capital. The investment firm sold 9,232 ETH worth around $25 million.
<blockquote class="twitter-tweet">
 Looks like <a href="https://twitter.com/hashtag/BlockTower?src=hash&amp;ref_src=twsrc%5Etfw">#BlockTower</a> Capital sold 9,232 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($24.8M) through <a href="https://twitter.com/hashtag/FalconX?src=hash&amp;ref_src=twsrc%5Etfw">#FalconX</a>, <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw">#Cumberland</a>, <a href="https://twitter.com/hashtag/Wintermute?src=hash&amp;ref_src=twsrc%5Etfw">#Wintermute</a>, and <a href="https://twitter.com/hashtag/B2C2Group?src=hash&amp;ref_src=twsrc%5Etfw">#B2C2Group</a>.<a href="https://t.co/8xgOWrI1yA">https://t.co/8xgOWrI1yA</a> <a href="https://t.co/zGk1Q71eHE">pic.twitter.com/zGk1Q71eHE</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1823186492627484778?ref_src=twsrc%5Etfw">August 13, 2024</a>
</blockquote>
<h2 data-ct-non-breakable="true" id="eth-keeps-leaving-crypto-exchanges">ETH keeps leaving crypto exchanges</h2>
While selling from whales and institutions has been bearish for ETH prices, Ether exchange reserves paint a different picture. <a href="https://cryptoquant.com/asset/eth/chart/exchange-flows/exchange-reserve?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=line" target="_blank" rel="noopener nofollow">According</a> to CryptoQuant data, the total number of ETH held in exchanges actually dropped from 17.1 million to 16.8 million in August. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/bb2c6969-b51e-4ae0-b983-b254d5128c4d.png" alt="Ethereum ICO whale deposits 48.5K ETH at 1,024,416% profit" title="">
 <figcaption style="text-align: center;">
 Ethereum exchange reserves. Source: CryptoQuant
 </figcaption>
</figure>
The drop was particularly noticeable between Aug. 5 and Aug. 13, when Ether’s price dropped below $2,800, indicating likely accumulation near the recent bottom. This drop is part of a larger trend that has seen crypto exchange reserves dropping by 8.5% since Jan. 1.
<h2 data-ct-non-breakable="true" id="ether-price-rejected-at-2-750">Ether price rejected at $2,750</h2>
Since the Aug. 5 market rout, Ethereum <a href="https://cointelegraph.com/news/data-points-to-ethereum-price-making-a-short-term-rally-to-the-3200-level"></a><a href="https://cointelegraph.com/news/data-points-to-ethereum-price-making-a-short-term-rally-to-the-3200-level">fared better than many other altcoins</a>. However, it has struggled over the past 12 hours to break above a key level.
On the four-hour chart, ETH/USD is converging narrowly at the end of an ascending triangle pattern. For a bullish continuation, Ether needs to close positively above the neckline at $2,750, increasing its chances for a retest at $3,000. However, $2,350–$2,200 could get retests as support as well if ETH loses its position below $2,500.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/e23ff049-b3fe-4613-9da8-6c0f2628c389.png" alt="Ethereum ICO whale deposits 48.5K ETH at 1,024,416% profit" title="">
 <figcaption style="text-align: center;">
 Ethereum 4-hour chart. Source: Trading view
 </figcaption>
</figure>
ETH price is currently down 3% over the past 12-hours after a rejection at its most recent high of $2,750.&nbsp;
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum ICO whale deposits 48.5K ETH at 1,024,416% profit

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