Ethereum Whales Dump ETH as Price Breached $2,000

Vignesh Karunanidhi
Ethereum Breaks Out of Diamond Price Pattern, Poised for Rally
Source: Forbes

Ethereum is a prominent cryptocurrency, earning its place as the second largest cryptocurrency. There are several whales that hold a considerable amount of ETH. According to the latest details provided by Lookonchain, a crypto intelligence platform, a whale sold 4,549 ETH for approximately $8.78 million. The sale happened when it was trading at around $1,930.

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According to the details from CoinMarketCap, ETH is trading at $1,937, with no major volatility in value over the last 24 hours.

Ethereum whale made $2.78 million

Details from Lookonchain reveal that the ETH whale spent $6 million to buy 4,549 ETH. The purchase was made for $1,319 per ETH on January 9. The sale has earned the whale over $2.78 million in profit.

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The sale by the ETH whale comes at a time when there was a notable surge in the price of Ethereum following the recent outcome of the Ripple lawsuit. The cryptocurrency market as a whole surged after Ripple came out victorious in the prolonged lawsuit. ETH surged to a high of $2,026 after the positive news. This has prompted Ethereum whales to dump their holdings to make some quick profits.