An early Ether (ETH) investor sold their ETH holdings over the past week as the price headed toward $2,000, sparking fears of further losses. However, onchain data tells a different story as traders speculate where ETH\/USD might bottom.<\/p>\n
Key takeaways:<\/strong><\/p>\n An old Ethereum whale, an early investor holding tokens since the network\u2019s first years, sold 55,000 ETH worth about $112.25 million and 9,442 ETH worth roughly $24 million over the past week.\u00a0<\/p>\n Related: <\/strong><\/em>Ether bears at risk of $2B squeeze as short positions build around $2K<\/strong><\/em><\/span><\/a><\/p>\n The early Ether investor offloaded a combined $136 million at an average price of $2,041 per ETH, according<\/span><\/a> to blockchain data tracker Lookonchain.\u00a0<\/p>\n Selling by an old ETH wallet. Source: Lookonchain<\/em><\/p>\n However, this does not appear to be part of a wider trend, as an analysis of Ethereum\u2019s supply, based on \u201cHODL waves,” reveals that a significant portion of Ethereum supply remains unmoved on various time frames.\u00a0In fact, the share of the supply by older holder cohorts has generally increased over the past year. <\/p>\n More recently, the 3m-6m investor cohort saw a notable reduction in supply, which has dropped to 9% from 13.5% on May 19. The 1w-1m holder cohort has also seen its supply holdings drop to 2.6% from 4.76% over the same period. This suggests that most of the supply changing hands is being done by short-term holders. <\/p>\n Ethereum: HODL Waves. Source: Glassnode<\/em><\/p>\n In fact, supply held by the 5y-7y investor cohort has increased slightly to 9% from 8.59% on May 19.\u00a0<\/p>\n Moreover, the chart below shows that the supply last active 5-7 years ago has only seen a modest rise in recent weeks and is well below the activity seen in 2022 when ETH price bottomed below $1,000. <\/p>\n ETH: Total supply last active 5 years to 7 years. Source: Glassnode<\/em>\u00a0<\/p>\n Except for several significant players announcing<\/span><\/a> that they have sold a part or their entire ETH holdings<\/span><\/a> recently, there’s no real broad trend to support the argument that Ethereum OGs are selling en masse. <\/p>\n Since Thursday, ETH\/USD has been oscillating around the $2,000 psychological level as traders braced for more price downside.<\/p>\n At the time of writing, ETH is trading at $1,980, down 2% over the last 24 hours and 6.5% on the week.<\/p>\n \u201cThis doesn’t look good for Ethereum,\u201d analyst Alex Marzell said<\/span><\/a> in an X post on Sunday adding:<\/p>\n \u201cMomentum continues to favor the bears as $ETH moves closer to the next key support area.\u201d<\/p><\/blockquote>\n ETH\/USD daily chart. Source: X\/<\/em>Marzell<\/em><\/a><\/p>\n Marzell was referring to the crucial support around $1,800<\/span><\/a>, which analysts say must hold to avoid a deeper correction.\u00a0\u00a0<\/p>\n\n
Ethereum OG whale sells $136 million ETH<\/h2>\n
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<\/figure>\n<\/p>\nEther price drop to $1,500?<\/h2>\n
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