A cryptocurrency whale has realized a $2 million loss, despite holding Ethereum (ETH), one of the top-performing assets over the past month.
The unidentified trader offloaded 10,543 ETH worth approximately $26.1 million at an average price of $2,476 per coin, resulting in a $2 million loss in a sale executed in two days, according to the latest on-chain data retrieved by Finbold from Lookonchain on May 17.
Details of the transaction show that the ETH was sold through a series of large swaps, most of which occurred within an hour.
The trader used 1inch, a decentralized exchange aggregator, and multiple contract interactions to convert wrapped ETH (WETH) into stablecoins like USDC and USDT.
This selloff coincided with a slight downturn in the broader cryptocurrency market, during which Ethereum also saw short-term losses.
Rather than holding through the dip, the whale opted to exit the position, despite Ethereum maintaining support above the $2,500 level.
Meanwhile, on-chain data shows increased whale activity around Ethereum amid the price pullback. On May 17, another large holder withdrew 6,053 ETH, worth roughly $15.66 million, from cryptocurrency exchange OKX, possibly signaling profit-taking following Ethereum’s recent rally.
Ethereum price analysis
Notably, Ethereum has been among the best-performing assets in recent weeks, gaining around 61% over the past month to trade at $2,518 at the time of writing.
ETH has remained consolidated on the daily and weekly charts, with gains of 1.2% and 1.4%, respectively.
Market sentiment around Ethereum remains bullish. The current price is trading above the 50-day and 200-day simple moving averages (SMA), suggesting continued upward momentum. However, caution is warranted as Ethereum’s 14-day Relative Strength Index (RSI) stands at 66.51, nearing the overbought threshold.
As reported by Finbold, analysts such as veteran trader Peter Brandt believe the recent momentum around the asset has built the foundation for a new high, noting that ETH is set for the ‘moon shot’.
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