Ethereum OG Sells 7,974 ETH Worth $11.8M After 3 Years of Dormancy
According to Lookonchain, an Ethereum original gangster (OG) has sold 7,974 ETH valued at $11.8 million at a price of $1,479, marking the end of a three-year dormancy. This significant sale occurred over the span of two hours, and the trader still retains 30,606 ETH, which is currently valued at $45.7 million. This move could potentially impact Ethereum market dynamics, as large sales by early adopters often influence market sentiment.
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On April 10, 2025, a notable Ethereum (ETH) whale, inactive for three years, began selling off a significant portion of their holdings, as reported by Lookonchain (Twitter, April 10, 2025). Over the past two hours, this whale sold 7,974 ETH at an average price of $1,479, totaling $11.8 million. Despite this sale, the whale retains a substantial amount of 30,606 ETH, valued at $45.7 million at the current price (Lookonchain, April 10, 2025). This event occurred at a time when Ethereum was trading at $1,479, showing a slight dip from its recent high of $1,500 recorded on April 8, 2025 (CoinMarketCap, April 10, 2025). The transaction volume for ETH over the past 24 hours was 23.4 million ETH, indicating a higher than average trading activity (CoinMarketCap, April 10, 2025). This whale's action could potentially signal a bearish sentiment in the market, particularly among long-term holders who have been dormant for years.
The immediate impact of this whale's selling on the market was a 0.5% drop in Ethereum's price within the first hour of the transaction, moving from $1,486 to $1,479 (Coinbase, April 10, 2025). The trading volume for ETH/USD on Coinbase surged by 15% in the same period, reflecting heightened market interest and potential panic selling by smaller investors (Coinbase, April 10, 2025). In contrast, the ETH/BTC trading pair on Binance showed a slight increase of 0.2% in the ETH price against Bitcoin, suggesting that the impact might be more pronounced in the ETH/USD market (Binance, April 10, 2025). On-chain metrics further indicate that the number of active addresses on the Ethereum network increased by 10% over the past day, likely driven by the news of this whale's action (Etherscan, April 10, 2025). This event underscores the influence that large holders can have on market dynamics, particularly when they break long periods of inactivity.
Technical analysis of Ethereum's price movement over the past 24 hours reveals that the asset has been trading within a tight range of $1,470 to $1,500 (TradingView, April 10, 2025). The Relative Strength Index (RSI) for ETH stands at 55, indicating a neutral market condition, neither overbought nor oversold (TradingView, April 10, 2025). The Moving Average Convergence Divergence (MACD) shows a bearish crossover, which could signal further downward pressure in the short term (TradingView, April 10, 2025). The trading volume for ETH on decentralized exchanges (DEXs) increased by 8% over the past day, suggesting that some traders might be moving to DEXs to mitigate potential risks associated with centralized exchanges (Dune Analytics, April 10, 2025). This whale's action, coupled with the current technical indicators, suggests a cautious approach for traders in the immediate term.
In terms of AI-related news, there have been no direct developments reported on April 10, 2025, that would impact AI-related tokens or correlate with major crypto assets. However, the general market sentiment influenced by the whale's selling could indirectly affect AI tokens like SingularityNET (AGIX) and Fetch.ai (FET), as these tokens often follow broader market trends (CoinMarketCap, April 10, 2025). The trading volume for AGIX increased by 5% and for FET by 3% over the past 24 hours, potentially reflecting a slight increase in interest due to the overall market volatility (CoinMarketCap, April 10, 2025). Monitoring AI-driven trading volume changes remains crucial, as any significant AI-related news could quickly shift market dynamics.
In conclusion, the sale of 7,974 ETH by a long-dormant whale has introduced immediate volatility in the Ethereum market. Traders should closely monitor price movements, trading volumes, and on-chain metrics to navigate the potential bearish trend signaled by this event. Additionally, while no direct AI news was reported, the general market sentiment could influence AI-related tokens, highlighting the importance of staying informed about both crypto and AI developments.
The immediate impact of this whale's selling on the market was a 0.5% drop in Ethereum's price within the first hour of the transaction, moving from $1,486 to $1,479 (Coinbase, April 10, 2025). The trading volume for ETH/USD on Coinbase surged by 15% in the same period, reflecting heightened market interest and potential panic selling by smaller investors (Coinbase, April 10, 2025). In contrast, the ETH/BTC trading pair on Binance showed a slight increase of 0.2% in the ETH price against Bitcoin, suggesting that the impact might be more pronounced in the ETH/USD market (Binance, April 10, 2025). On-chain metrics further indicate that the number of active addresses on the Ethereum network increased by 10% over the past day, likely driven by the news of this whale's action (Etherscan, April 10, 2025). This event underscores the influence that large holders can have on market dynamics, particularly when they break long periods of inactivity.
Technical analysis of Ethereum's price movement over the past 24 hours reveals that the asset has been trading within a tight range of $1,470 to $1,500 (TradingView, April 10, 2025). The Relative Strength Index (RSI) for ETH stands at 55, indicating a neutral market condition, neither overbought nor oversold (TradingView, April 10, 2025). The Moving Average Convergence Divergence (MACD) shows a bearish crossover, which could signal further downward pressure in the short term (TradingView, April 10, 2025). The trading volume for ETH on decentralized exchanges (DEXs) increased by 8% over the past day, suggesting that some traders might be moving to DEXs to mitigate potential risks associated with centralized exchanges (Dune Analytics, April 10, 2025). This whale's action, coupled with the current technical indicators, suggests a cautious approach for traders in the immediate term.
In terms of AI-related news, there have been no direct developments reported on April 10, 2025, that would impact AI-related tokens or correlate with major crypto assets. However, the general market sentiment influenced by the whale's selling could indirectly affect AI tokens like SingularityNET (AGIX) and Fetch.ai (FET), as these tokens often follow broader market trends (CoinMarketCap, April 10, 2025). The trading volume for AGIX increased by 5% and for FET by 3% over the past 24 hours, potentially reflecting a slight increase in interest due to the overall market volatility (CoinMarketCap, April 10, 2025). Monitoring AI-driven trading volume changes remains crucial, as any significant AI-related news could quickly shift market dynamics.
In conclusion, the sale of 7,974 ETH by a long-dormant whale has introduced immediate volatility in the Ethereum market. Traders should closely monitor price movements, trading volumes, and on-chain metrics to navigate the potential bearish trend signaled by this event. Additionally, while no direct AI news was reported, the general market sentiment could influence AI-related tokens, highlighting the importance of staying informed about both crypto and AI developments.
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