The Ethereum price has jumped back above $2,100 despite broader market volatility, driven by aggressive whale accumulation and tightening supply. However, recent updates reveal that whales are now selling their $ETH,likely taking profit after prices recoveredslightly. The key question now is whether this increased selling pressure could trigger a decline in Ethereum, potentiallypushing its price back below $2,000once again.

$ETHFaces Heavy Selling From Whales

Afterrecording massive accumulations just last week, crypto whales are now back to selling $ETH. A new report released on X by on-chain researcher ‘The DataNerd’revealedthat a 2-year-dormant Ethereum whale recently deposited a staggering 15,000 $ETH, valued at approximately $30.97 million, to the crypto exchange Coinbase.

Based on the size and timing of the transfer,flaggedby Arkham Intelligence, the dormant whale may be looking to sell or trade their $ETH. Interestingly, the DataNerd disclosed that the whale was an early participant inEthereum’s initial coin offering (ICO), meaning they bought $ETHwhen the cryptocurrency first launched at an extremely low price.

Related Reading: Ethereum Whales Are Making Money Again, But Will They Hold Or Sell?

The post also mentioned that the whale used adollar-cost averaging (DCA)strategy to buy 17,400 $ETHat an average price of about $11.6 per coin on Poloniex. Despite moving some $ETHto Coinbase, the whale still holds 14,800 $ETHin their wallet, worth roughly $30.5 million, showing they haven’t sold most of their holdings yet.

Another recentlarge-scale $ETHsell-offwasidentifiedby blockchain analytics platform Lookonchain on X. According to the report, an “EthereumOG” with the wallet address 0xa2F6 sold 15,002 $ETHon March 23, worth approximately $30.97 million. The data showed that the whale had previously received 172,700 $ETHfor $12.83 per coin a decade ago, valued at $2.2 million at the time. However, based on Ethereum’s price during the transaction, the whale’s holdings have gained by more than 16,082%, reaching a whopping $356 million.

How This Selling Pressure Affects The Ethereum Price

The recent spikes inwhale selling activitycould have broader implications for Ethereum’s price. When large ICO whales move their holdings to a crypto exchange, it often signals that they may be preparing to sell. Such large-scale $ETHdeposits can create significant selling pressure on the market, as other traders closely watching the whale movements mayreact by sellingor adjusting their positions.

This can trigger a chain reaction, putting short-termdownward pressure on Ethereum’s price. The effect is even stronger when the whales involved are bigger and older, significantly increasing price volatility. With $ETHtrading around $2,100, persistent whale sell-offs could push its price lower, possibly sending it below $2,000. Its price has already fallen by more than 5%over the past seven days, according to CMC data, highlighting its underlying bearish momentum.

Featured image from Getty Images, chart from Tradingview.com

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