CandleFocus Ethereum Surges to $3,400, But Major Whale’s $224M Profit-Taking Triggers Market Slump
2024-11-22
Author: Content Editor
Summary:
Today, Ethereum experienced a brief surge in price, reaching the $3,400 range. However, a significant sell-off by a long-standing ETH holder dampened the price ascent. The whale, who had been inactive for nearly a decade, dumped a large number of ETH tokens, cashing out approximately $4.5 million worth of ETH. These tokens were initially acquired at $6 per ETH back in May 2016, amounting to a holding now valued at $1.34 billion. The investor began selling the tokens two weeks ago, converting them into USDC stablecoin. Despite the sell-off contributing to ETH's pullback, the investor still holds $1.1 billion worth of ETH. This in turn adds to existing concerns among market participants about ETH's performance, especially as it continues to lag behind Bitcoin.
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