- An early Ethereum whale sold a combined $136 million in ETH as the price approached $2,000.
- Onchain data from Glassnode reveals no evidence of older investors selling en masse, with long-term holdings actually increasing.
- Analysts warn the ETH price could fall further, with key support levels around $1,800 and a potential drop toward $1,500.
An early Ethereum investor, or “OG whale,” sold $136 million worth of Ether over the past week, sparking fears of a broader sell-off as ETH/USD hovered near the critical $2,000 level. This significant transaction, according to blockchain tracker Lookonchain, involved 64,442 ETH sold at an average price of $2,041.
However, a deeper look at onchain metrics tells a different story about market sentiment. Analysis of Ethereum’s “HODL waves” shows the share of supply held by the oldest investor cohorts has generally increased over the past year.
Consequently, the selling pressure appears concentrated among short-term holders, not a mass exodus of original investors. In fact, supply last active 5-7 years ago has seen only a modest rise recently, well below levels seen during the 2022 market bottom.
Meanwhile, Ether’s price action has traders bracing for more downside, with ETH currently trading around $1,980. Analyst Alex Marzell said momentum favors the bears as ETH moves closer to its next key support area.
Fellow analyst Merlijn The Trader said the price is mapping onto a Wyckoff Accumulation structure, potentially bottoming below $1,500. Another analysis points to a bear flag breakdown projecting a drop toward the $1,500 support level.
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