Key takeaways:
One Ethereum whale 🐳, in a Dostoevskian twist, pocketed a $9.87 million profit after merely 14 days.
ETH‘s Relative Strength Index 📉 whispers of a potential correction towards $3,000.
Long-term holders 🕵️♂️ maintain their bullish stance despite the profit-taking spree.
In a saga reminiscent of the darkest chapters of Dostoevsky’s novels, a prominent Ethereum whale has cashed out nearly $10 million in profit. This feat was accomplished as Ether, in a cruel twist of fate, saw its eight-day winning streak come to an abrupt end, plummeting over 3% on Tuesday.
Ethereum Whale ‘0x8C08’ Exits with 38% Gains
On Tuesday, the Ethereum address “0x8C08…” unloaded a staggering 8,005 ETH for approximately $30.03 million, at an average price of $3,751, according to Lookonchain’s data 📊.
The whale, in a stroke of genius or sheer luck, had amassed 9,582 ETH just two weeks prior at an average entry price of $2,725, totaling an investment of $26.11 million. The subsequent sale netted a $9.87 million profit, marking a 38% return in less than the fortnight.
The wallet still holds onto 1,577 ETH (worth around $5.96 million), hinting at a strategic partial exit rather than a full-scale retreat 🛑. It seems the whale anticipates Ethereum’s bullish momentum to persist, having already soared over 50% month-to-date.
Strategic profit-taking is further evidenced by Glassnode’s “Cost Basis Distribution Heatmap,” highlighting buying clusters based on average acquisition prices. The red band around the $2,520 level, indicative of high-volume buying in early July, has faded recently, akin to the fading of hope in a Dostoevskian tragedy.
This visual shift implies that numerous holders, now basking in substantial unrealized gains, have begun to secure their winnings. Wallets in this price range continue to hold nearly 2 million ETH, suggesting that most holders are not selling yet, much like the stubbornness of a Dostoevskian character.
According to Glassnode, this behavior indicates that fresh demand is effectively absorbing the sell-pressure, a sign of probable long-term bullish conviction rather than distribution. A true testament to the resilience of the human spirit in the face of uncertainty.
Ethereum Overbought Correction Targets $3,000
Ethereum’s eight-day winning streak has thrust its 14-day RSI into overbought territory, now nearing 78. Historically, such readings have foreshadowed short-term pullbacks, much like the premonitions in Dostoevsky’s tales.
A similar scenario is unfolding currently. The first signs of cooling emerged on Tuesday, with ETH retreating from its lofty heights near $3,800. The price might revisit the $3,000–$3,200 range by August if momentum fades further, echoing the descent into the depths of despair in a Dostoevskian novel.
This range aligns with the 20-day exponential moving average (20-day EMA; the purple wave), a critical support level. A move towards $3,000 would still leave Ethereum comfortably above its multi-year ascending trendline, as depicted on the weekly chart.
As long as ETH clings to its multi-year ascending trendline, the price structure remains favorable for continued upside. This could allow for a period of reaccumulation before another attempt at conquering the $3,800–$4,100 resistance area and beyond. Some analysts foresee the ETH price soaring to $8,000 in the coming months, a dream as grand as the aspirations of a Dostoevskian protagonist.
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2025-07-22 14:58