Key takeaways:
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An Ethereum whale secured a $9.87 million revenue after simply 14 days.
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ETH’s RSI is signaling a potential short-term correction towards $3,000.
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Regardless of profit-taking, long-term holders are exhibiting sustained bullish conviction.
A high-profile Ethereum whale locked in a virtually $10 million revenue after unloading a serious chunk of their Ether (ETH) holdings. The profit-taking occurred as Ether ended its eight-day successful streak by falling over 3% on Tuesday.
Ethereum whale ‘0x8C08’ exits with 38% positive factors
On Tuesday, Ethereum tackle “0x8C08…” offloaded 8,005 ETH for about $30.03 million, at a median worth of $3,751, based on information useful resource Lookonchain.
The whale initially amassed 9,582 ETH simply two weeks prior at a median entry of $2,725, amounting to an funding of $26.11 million. The current sale yielded a $9.87 million revenue, marking a 38% return in underneath 14 days.
The pockets nonetheless retains 1,577 ETH (value round $5.96 million), suggesting a strategic partial exit moderately than a whole liquidation.
It additionally means that the whale expects Ethereum’s bullish momentum to proceed, having already gained greater than 50% month-to-date (MTD).
Further proof of strategic profit-taking comes from Glassnode’s “Price Foundation Distribution Heatmap,” which highlights clusters of shopping for based mostly on the typical acquisition worth.
The purple band across the $2,520 degree, representing high-volume shopping for in early July, has pale not too long ago.
This visible shift implies that many of those holders, now sitting on sizable unrealized positive factors, have begun to lock in earnings.
Wallets on this worth vary proceed to carry practically 2 million ETH, indicating that almost all holders aren’t promoting.
As famous by Glassnode, this habits means that recent demand is successfully absorbing the sell-pressure, an indication of possible long-term bullish conviction moderately than distribution.
Ethereum overbought correction targets $3,000
Ethereum’s eight-day successful streak has pushed its 14-day RSI into overbought territory, now close to 78.
Traditionally, such readings have preceded short-term pullbacks, as seen in late Could, when ETH corrected 18.6% after the same RSI spike.
A comparable state of affairs is now unfolding. The primary indicators of cooling emerged on Tuesday, with ETH pulling again from its native excessive close to $3,800.
The value may revisit the $3,000–$3,200 vary by August if momentum fades additional. This vary coincides with the 20-day exponential shifting common (20-day EMA; the purple wave), a key assist degree.
A transfer towards $3,000 would nonetheless place Ethereum comfortably above its multi-year ascending trendline, as proven on the weekly chart.
So long as ETH holds above its multi-year ascending trendline, the worth construction stays favorable for continued upside.
Associated: Cathie Wooden sells Coinbase, Roblox shares for Tom Lee’s ETH agency
That might permit for a interval of reaccumulation earlier than trying a transfer towards the $3,800–$4,100 resistance space and past. Some analysts anticipate the ETH worth to achieve $8,000 within the coming months.
This text doesn’t comprise funding recommendation or suggestions. Each funding and buying and selling transfer includes threat, and readers ought to conduct their very own analysis when making a call.
