Ethereum (ETH) fell 6.45% last week, marking a major decline for the world’s second-largest cryptocurrency. Overall, Ether has left a lot to be desired for investors lately, with its price dropping 16.57% over the past few months. In this bear market, the cryptocurrency whale sold out all of its Ethereum tokens, attracting a lot of attention from traders and market experts alike.

ETH Whale liquidates holdings, suffering significant losses

IN post X On May 11, blockchain tracking platform Lookonchain reported that the cryptocurrency whale had offloaded all of its 6,714 ETH tokens at a market price of $19.5 million. While the profit looks quite huge, LookonChain states that the investor actually recorded a loss of $6.5 million based on the purchase price of these tokens.

In general, whale trades attract a lot of attention from investors because they are seen as indicators of market trends. So if a whale suddenly sells a enormous part or all of its holdings, it could be interpreted as a bear signal, prompting other investors to follow suit, causing prices to fall.

However, this may not necessarily be the case for the ETH market following the recent whale sell-off. After the Bitcoin halving ends in April, based on historical data, it is expected that a cryptocurrency boom will begin in the following months.

In previous periods, Ethereum has proven to be one of the most favorable assets for investors during this period. It is worth noting that the altcoin rose by over 2,000% in the months following the Bitcoin halving in 2020. Therefore, most ETH investors will likely stick with their tokens.

In addition to Ethereum, the whale also liquidated its entire 428,047 Optimism (OP) and 901,685 Arbitrum (ARB), with a loss of $902,000 and $1.08 million, respectively. In total, they suffered a loss of $8.43 million by withdrawing their investments in three leading altcoins.

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ETH price overview

At the time of writing, ETH transactions at $2,919, reflecting a slight price boost of 0.27% in the last day. The altcoin appears to be heading towards the resistance zone at $2,940. With enough buying pressure, ETH could break through this region with the next resistance level set at the $3,050 price zone.

However, the altcoin’s daily trading volume is currently down 44.85%, reaching $6.71 billion. Ethereum, which is a larger altcoin, remains 40.4% lower than its all-time high of $4,891.70 reached in November 2021.

ETH trading at $2,921.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com

Featured image from Smithsonian Magazine, chart from Tradingview