Old Ether wallets move 37,806 ETH as whale conviction faces key test at $1.5K
Long-dormant Ether wallets transferred 37,806 ETH as whale profitability turned negative for the first time since 2019, putting the $1,500 support level under scrutiny.
Old Ether wallets moved 37,806 ETH as long-term whale profitability turned negative for the first time since 2019, signaling mixed sentiment among large holders.
Multi-year Ether holders are finally selling while other whales continue buying, putting the $1,500 price level under scrutiny. The transfer of coins from wallets that had been dormant for years suggests that some long-term investors are taking profits or cutting losses amid the current market uncertainty. On-chain data shows that whale addresses holding Ether for more than one year have seen their average cost basis exceed the current price, a condition that historically preceded increased selling pressure. However, not all whales are bearish: some large accumulators have been adding to their positions, creating a tug-of-war between sellers and buyers at the key $1,500 support level. For crypto traders, this divergence in whale behavior is a critical signal to monitor. NowPrice's crypto page provides real-time Ether price updates to help traders track how the market reacts to these whale movements.
Looking ahead, the $1,500 level is a psychological and technical support that has held multiple times in the past. If it breaks, the next major support lies around $1,200, a zone where significant buy orders are clustered. Conversely, a bounce from $1,500 could trigger short covering and attract new buyers, potentially driving a rally toward $1,800. Traders should watch for volume spikes and exchange inflows as confirmation of the next directional move. The upcoming release of US inflation data later this week could also influence risk appetite across crypto markets, adding another layer of volatility.