A “Diamond Hand” Ethereum (ETH) whale has suddenly emerged, transferring a massive 15,000 ETH token to a major exchange. Given the sheer size of the transaction, this whale has caught the attention of many Ethereum investors and the broader crypto community.
Diamond Hand Whale Moves 15,000 ETH Tokens
Spot On Chain, a blockchain analytics platform, revealed on September 22 in an X (formerly Twitter) post that an anonymous Diamond hand whale had transferred 15,000 ETH valued at $38.4 million from their wallet address “0x682” to Kraken, one of the world’s biggest crypto exchanges.
A Diamond hand whale is a term essentially used to describe traders or investors who HODL their coins, stocks, bonds, silver or bonds for an extensive period without plans to sell, no matter how much the value of the token changes or the market fluctuates.
Data from Spot On Chain has revealed that this anonymous Diamond whale had initially conducted two ETH deposits into Kraken, both exceeding $30 million. Coincidentally, these two transactions occurred just before the price of Ethereum experienced a decline.
The first transaction saw the whale move 10,000 ETH tokens, worth about $34.2 million to Kraken on July 25, just before the price of Ethereum fell by 7.6%. In the second transaction which occurred on August 20, the diamond hand whale deposited 15,000 ETH, valued at $39.7 million at the time. This substantial ETH transaction had occurred just before a 2.5% decrease in Ethereum’s price.
Following this trend, it appears that this particular whale’s ETH deposits may have been carefully calculated and strategic, executing transactions just before a price decrease to avoid a loss. Moreover, the whale’s actions could offer valuable insights, potentially signaling an impending decline in the price of Ethereum.
Currently, the diamond hand whale holds 26,639 ETH tokens, worth approximately $69.7 million, with an estimated total profit of $132 million. This massive profit represents an impressive gain of over 86%.
Update On Ethereum Price Analysis
The price of Ethereum has been relatively stable in recent weeks, experiencing modest gains after ensuring an extensive period of significant bearish activity. According to CoinMarketCap’s data, ETH is trading at $2,640, reflecting a 1.93% increase in the last week and an impressive 13.43% surge over the past seven days.
Notably, Ethereum’s bullish momentum has sparked optimism amongst analysts. A prominent crypto analyst identified as ‘Crypto Patel’ on X has set ambitious price targets for Ethereum, predicting that the cryptocurrency could witness a surge between $5,500 to $6,000.
He identified the best accumulation zone for investors as between $2,500 to $2,100. Furthermore, the analyst shared his long-term target for ETH, forecasting that the cryptocurrency could experience a price breakoutfrom $8,000 to $10,000.
Featured image created with Dall.E, chart from Tradingview.com