While most of the altcoins have been trying a push upside, the Ethereum (ETH) price has continued to move sideways flirting around $2,550 levels. The ETH/BTC pair has also been heading lower hitting the lowest levels since 2021. On the other hand, the Ethereum whale dumping continues to persist with veteran participants of the ecosystem offloading their stake.
Ethereum Whale Dumping Has Continued Further
After nearly four months of inactivity, an Ethereum ICO participant deposited a staggering 3,000 ETH, worth $7.63 million, to crypto exchange Kraken, as per the data shared by Spot on Chain.
The participant originally received 254,908 ETH at the Genesis block in July 2015 valued at just $79,000 at that time. The Ethereum whale had acquired the ETH coins at the ICO price of approximately $0.31 per ETH. Currently, this whale holds a total of 37,070 ETH, worth around $94.3 million.
An #Ethereum ICO participant just returned after 4 months of silence and deposited 3,000 $ETH ($7.63M) to #Kraken 23 minutes ago.
Currently, this whale holds 37,070 $ETH ($94.3M). The whale used to receive 254,908 $ETH (then $79K, now $648M) at the Genesis block in July 2015, at… pic.twitter.com/uU5u8Ro8w3
— Spot On Chain (@spotonchain) October 24, 2024
The recent whale dumping comes despite Ethereum co-founder Vitalik Buterin sharing key updates taking place within the Ethereum ecosystem to boost the transaction speed and reduce gas fees. A day before, he also shared how ‘The Verge’ upgrade will reduce the hardware requirements while making node operations accessible to every device. But despite this, the Ethereum price has failed to react positively. In its latest report, 10x Research noted:
“A series of overly academic articles from Ethereum founder Vitalik Buterin, combined with declining revenues, has contributed to Ether’s price correction amid resurfacing macroeconomic challenges”.
ETH/BTC Pair Takes A Dive
Technical charts show that Ethereum continues to lose ground against its rival Bitcoin showing the lack of demand for the world’s largest altcoin. Crypto analyst Benjamin Cowen has pointed out that the ETH/BTC pair has recently breached its previous low. He noted that if the support level at 0.038 does not hold, the next target could be around 0.036.
Cowen believes that the low for this cycle will happen by the end of the year, or at the most by the second week of January. As of press time, the Ethereum price is trading 1.96% down at $2,527.11, with a market cap of $304 billion amid the Ethereum whale activity.
Courtesy: Benjamin Cowen
Looking back to 2016, ETH experienced notable declines in April, August, and December. In a similar vein, ETH has faced significant drops in April and August of 2024, leading Cowen to believe that there’s a reasonable chance of another drop occurring before the end of the year, with the low potentially materializing in December.
Also, the demand for spot Ethereum ETFs continues to remain subdued as of now unlike strong inflows in Bitcoin ETF.
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