Transfers to exchanges usually signal intent to sell, while withdrawals signal intent to buy. This ETH transfer took place during a general downtrend in the crypto markets. Ethereum has also seen its fair share of selling activity, losing 13.8% on the week. SpotOnChain noted that the whale likely acquired these tokens at the beginning of 2023 and held them for about a year and a half, during a period when the price of ETH was rising.

Given current ETH prices, it's likely that the whale made a profit of around 149%, or $12.83 million, on this transaction. This can be seen as an example of his strategy to minimize losses by managing market fluctuations with good timing.

Watch out! Bitcoin's decline will continue for 3 more days! Watch out! Bitcoin's decline will continue for 3 more days!

This large transfer was recorded as one of the largest Ethereum transactions in the last 24 hours. As the price of Ethereum fell as low as $2,822 in today's crypto market session, increased trading activity from large holders or whales was observed.

SpotOnChain reported that another big investor, a person with the hashtag "smartestmoney.eth", deposited 6,440 ETH worth $19.5 million on Binance. Both investors sold a total of 13,680 ETH to exchanges, with a total value of approximately $41 million.

Looking at Ethereum's price movements, ETH has risen just 0.2% to $2,995 in the last 24 hours. If this rise continues, ETH is expected to meet sellers at $ 3,373.

If the price falls from this major price zone, the probability of a sell-off below $2,850 increases. The next downside support zone for ETH is at $2,200. A breakout of ETH price above the $3,373 price area will confirm that the bulls have taken control of the market and the rangebound movement continues.

Editor: David Goodman