Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

In a move that has caught the attention of the cryptocurrency community, a "diamond hand" Ethereum (ETH) whale has sold a substantial portion of their holdings.

According to blockchain analytics platform Lookonchain, the whale offloaded 15,000 ETH in a transaction hours ago.

This particular whale has gained a reputation for their long-term holding strategy, earning them the moniker "diamond hand," as indicated by Lookonchain.

The whale initially bought massive ETH, withdrawing 96,639 ETH (valued at $151.42 million) from Coinbase during the bear market in September 2022, when the price was $1,567 per ETH, and held onto this substantial stash until March 2024.

With the market boom earlier this year, which pushed Bitcoin to all-time highs of nearly $74,000 and ETH to highs above $4,000, the whale began to capitalize on the rising prices.

According to lookonchain, it was not until March 2024, when the market began to shift into a bullish phase, that the whale started to sell off their holdings. Since entering the bull market in March, the whale has sold 55,000 ETH worth $176 million at $3,199. This has left them with 41,639 ETH, presently valued at $107 million.

The "diamond hand" whale's decision to sell Ethereum holdings since the bull market proved quite rewarding. By timing their sales as the market recovered, the whale made about $132 million in profit.

Ethereum price action

Ethereum rebounded from the $2,500 support on Aug. 15, but bulls are having difficulty pushing the price beyond $2700. At the time of writing, ETH was down 3.45% in the last 24 hours, at $2,572.

If the price continues to fall from its current level, Ethereum is likely to breach below $2,500. In this case, Ethereum may fall to $2,309, where bulls will once again attempt to halt the decline.

On the other hand, if buyers push the ETH price above $2,690, Ethereum might surge to $2,850. This level is again expected to attract sellers, but if the bulls prevail, it might signal that the downtrend may be over.

In this case, a decisive break above the daily simple moving averages 50 and 200 at $3,006 and $3,246, respectively, might begin the next uptrend for Ethereum.