Ethereum Whales Sell 14K ETH as Buyers Absorb Supply

Ethereum whales intensified profit-taking after a significant price rally exceeding 20%, leading to fresh selling pressure against strong market demand.

According to Lookonchain, 7 Siblings sold 14,000 ETH worth $32.85 million at an average price of $2,346, while another whale offloaded 11,252 stETH and 1,824 ETH.

The transactions coincided with Ethereum's sharp rise, and profit-taking was a probable reason for the selling by large holders.

However, the distribution came as Ethereum traded close to the whales' average selling points, raising the significance of demand at $2,346, where sellers converted massive amounts of their inventory into stablecoins.