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Ethereum’s Wild Ride: Whales Wake Up and Prices Plummet!

BBG News

In the dim light of a Monday that felt more like a funeral than a financial market, Ethereum took a nosedive, crashing down to a dismal $1,400. But lo and behold, like a stubborn weed in a garden, it has sprung back, now flirting with the $1,594 mark, a modest 3.2% rise. It’s as if the crypto gods decided to throw a bone to the beleaguered investors. 🐾

With a staggering 50% drop in just the first quarter of 2025, investors are glued to their screens, eyes wide, waiting for the next twist in this rollercoaster ride. Meanwhile, the dormant Ethereum whales, those slumbering giants of the blockchain, have decided to shake off the dust and start selling off their treasures. It’s like watching a bear wake up from hibernation, only to find it’s missed breakfast. 🍽️

Ethereum Whale Wakes Up after Seven Years Depositing 2,000 ETH to Kraken

In a twist that could only be described as a plot twist worthy of a soap opera, an Ethereum whale, affectionately dubbed the “Ethereum OG,” has re-entered the market after a seven-year snooze. This whale, who must have been dreaming of crypto riches, deposited a whopping 2,000 ETH—valued at $3.11 million—into the crypto exchange Kraken. Talk about a wake-up call! ☕

An #Ethereum OG deposited 2,000 $ETH($3.11M) to #Kraken after 7 years of dormancy.

This OG bought 10,001 $ETH(cost $3.52M) at $352 in November 2017—and didn’t sell even when $ETH hit $4,878 during the last bull run.

He’s now sitting on a $12.3M profit, but the unrealized profit…

— Lookonchain (@lookonchain) April 8, 2025

Now, this sudden deposit has sparked a flurry of speculation. Is our whale friend planning to cash in some of that sweet, sweet crypto? Back in the golden days of November 2017, he bought 10,001 ETH at a mere $352 each, a total investment of $3.52 million. When Ethereum soared to an all-time high of $4,878 during the 2021 bull run, his investment ballooned to a staggering $45 million. Yet, like a cautious squirrel, he held on tight. 🐿️

Now, with ETH trading far below those dizzying heights, he still clutches an unrealized profit of $12.3 million. It’s like finding a forgotten stash of cash in an old coat pocket—unexpected and delightful! 💰

Is Ethereum Price Bottom In or Further Drop Under $1,000 Coming?

For many, ETH has become the stuff of nightmares in 2025, as it seems to have no respect for support levels. Though it has managed to claw its way back above the $1,500 mark, it remains as vulnerable as a cat in a dog park. The technical charts are whispering sweet nothings, suggesting a wait-and-watch scenario. If the volatility surrounding Trump tariffs calms down, we might see Ethereum settle into a cozy little consolidation phase before the next big move. 💤

$ETH has tested a major support level of $1500, always told you guys to be careful, if 2k breaks, $1.5k will be tested.

For now it’s wait and watch zone and I will be mostly looking for buy setups. Expecting some consolidation followed by some massive pumps. Let the price…

— Crypto General 🧲 (@DaCryptoGeneral) April 7, 2025

On the flip side, the ever-optimistic Peter Schiff has thrown a wet blanket on the party, predicting that Ethereum might just tumble below the $1,000 mark. Because who doesn’t love a good doomsday prophecy? 😱

Ether crashed below $1,500 for the first time in over two years. So far the intraday low was just above $1,400, a 20% drop overnight. I don’t think it will be long before it breaks below $1,000.

— Peter Schiff (@PeterSchiff) April 7, 2025

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2025-04-08 12:14

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