Ethereum (ETH-USD) just snapped an eight-day winning streak, and whales are already cashing out. One high-profile wallet just secured nearly $10 million in profit, dumping 8,005 ETH right as the charts started flashing overbought signals.
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Traders are taking profits at the top, the kind of move that looks easy in hindsight but is notoriously hard to time. ETH touched local highs above $3,800, then pulled back over 3% to settle near $3,700. It’s a textbook exit for whales who bought lower and knew when to step out. This kind of top-slicing tends to kick off broader corrections, especially when momentum has already cooled.
Whale Locks In Millions after Just Two Weeks
Wallet address “0x8C08…” dumped a massive 8,005 ETH worth over $30 million, raking in a $9.87 million gain after just 14 days. This whale had entered the position at $2,725 per ETH. With a 45% return now banked, they’re already back on the sidelines, but not completely.
The address still holds 1,577 ETH, worth nearly $6 million. That tells us something important. Even after a hefty sell, this trader is keeping skin in the game. It suggests they’re not betting against Ethereum long-term, just hedging after a hot run.
Technical Signals Hint at a Return to a $3,000 ETH
On the technical side, Ethereum’s RSI has blasted into overbought territory, clocking in near 78. That’s the same zone it hit back in May, just before ETH plunged 18%. Now, with momentum starting to cool, traders are bracing for a repeat.
Analysts are watching the $3,000 to $3,200 range as the most likely landing spot for a correction. That zone lines up with Ethereum’s 20-day EMA, a level that often acts as a soft floor in bull trends. If ETH does pull back, many expect it to bounce from that range before making another run.
Long-Term Conviction for ETH Stays Strong
Despite short-term weakness, there’s no mass exodus happening. Glassnode data shows that wallets who bought ETH around $2,500 are still holding. These addresses collectively own nearly 2 million ETH, and most haven’t budged.
This kind of patience shows us that deeper-pocketed players still see upside, even if it means enduring short-term volatility. As one analyst put it: this isn’t a rug pull, it’s just a breather.
At the time of writing, Ethereum is sitting at $3,703.77.
