• Two Ethereum whales sold off over 28,000 tokens.
• ETH trades around $1,900 as the bull trend weakens further.

The price of Ethereum [ETH] has been undergoing a reversal over the last few days. Nevertheless, recent observations of whale activities suggest that these large wallets may be exploiting the current price range.

Ethereum on the move

As reported by LookonChain, an Ethereum whale sold off a substantial volume of ETH on 17th November, selling over 10,000 ETH.

The total value of this transaction amounted to $19.33 million, at $1,933 per token. Further analysis of the whale’s activity revealed this was not an isolated occurrence.

Previous reports indicated the sale of over 6,000 tokens, resulting in a $12 million transaction, took place some days ago. These actions have created an impression that the whale is selling off its holdings. 

Additionally, another whale, initially holding a long position on ETH, has recently sold off its ETH holdings.

This particular whale acquired 12,048 ETH in October for $21.3 million, entering into long positions on Aave and Compound.

At the time of writing, the whale had sold its ETH for $23.4 million, using the proceeds to settle its debt. Is this a strategic profit-taking move, a

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Author: Ann Maria Shibu

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