Dormant Diamond Handed Ethereum Whale Starts Selling as ETH/BTC Plummets to 3-Year Low
In a recent development, an Ethereum whale with a $37 million holding in ETH has started selling, prior to the ETH/BTC pair reached a historic low, reflecting the prevailing bearish sentiment toward the second-largest cryptocurrency by market cap. The market is at risk of further decline as analyst Ali Martinez suggests that it could drop to as low as $1,800. Conversely, another analyst, Master Kenobi, has forecasted an imminent recovery in the ETH price.
ETHER Whale Activity
According to the SpotOnChain data, it has been reported that an Ethereum whale, who has held $37 million worth of ETH for eight years, has begun offloading their coins, realizing a $38 million profit from their initial investment of $87,136. This whale made purchases of Ethereum between January 19 and February 23, 2026, when the coin was valued at around $5.
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Notably, this selling trend isn’t exclusive to a single whale. According to on-chain analytics platform Whale Alert, two other whales transferred significant amounts of ETH to Coinbase in order to sell, with the first whale moving 14,081 ETH ($33.98 million) and the second whale transferring 13,977 ETH ($32.8 million) to the exchange.
This selling activity coincides with the ETH/BTC trading pair dropping below 0.04, marking its lowest level since April 2021. This trend highlights the bearish sentiment toward Ethereum, particularly with reports of the Ethereum Foundation and wallets linked to Vitalik Buterin engaging in selling activities.
The price of ETH is at risk of further decline, potentially reaching as low as $1,800 as suggested by analyst Ali Martinez, who identified a critical support level for Ethereum between $2,290 and $2,360, where 1.90 million addresses collectively hold around 52 million ETH. A breach of this demand zone could potentially trigger a wave of sell-offs, potentially driving the price down to $1,800.
Offering a contrasting viewpoint, crypto analyst Master Kenobi has emphasized that the decline in ETH’s price is largely artificially driven and has predicted an imminent recovery. Kenobi asserts that the current price movement is influenced by fear, uncertainty, and doubt (FUD) from market participants seeking to shake out weak investors. He maintains that no fundamental changes have occurred and the coin’s outlook remains bullish.
Overview of the Historic Data
Referencing historical data, Kenobi points out that Ethereum experienced price declines following the Bitcoin halvings, only to witness a trend reversal after 168 days, triggering a bull market for altcoins. Based on this historical precedent, Kenobi expresses confidence in an impending reversal in ETH’s price and anticipates the beginning of an altcoin season.
Price Action
At present, ETH is trading at approximately $2,288, reflecting a decrease of over 5% in the past 24 hours. However, an analysis warns that the projected rally of Ethereum to $4,000 could be at risk as developers consider splitting the Pectra upgrade into two parts.
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