April 10, 2025 — Just as Ethereum (ETH) begins to climb out of its recent lows, long-dormant whales are stirring — and selling. A massive on-chain transaction has raised fresh questions about whether this bounce is a bullish reversal or a setup for another sell-off.
Dormant Ethereum Whale Unloads $16.8M After 2 Years of Silence
In a dramatic move, an Ethereum whale offloaded 10,702 ETH worth $16.86 million, breaking two years of wallet inactivity. The ETH was originally acquired back in 2016 at just $8 per token, making this a staggeringly profitable exit.
This sell-off follows a broader trend: whale wallets have been dumping ETH heavily over the past three days, triggering concern among retail traders despite the asset’s 13% bounce from the recent $1,400 low.
Adding fuel to the fire, Donald Trump’s DeFi venture — World Liberty Financial — has reportedly also liquidated ETH holdings during this sell wave, as per blockchain activity trackers.
Sell-on-Rise Strategy or Justified Capitulation?
Despite the recent recovery to $1,612, ETH is struggling to hold momentum. The pattern is clear — whales are using the bounce to exit positions, suggesting a lack of long-term conviction or strategic de-risking in the face of macro uncertainty.
This behavior coincides with President Trump’s 90-day tariff freeze, which briefly boosted market sentiment but hasn’t yet translated into full-fledged investor confidence across risk assets like crypto.
Contrarian Analysts Turn Bullish: Falling Wedge in Focus
While long-term holders hit the exit, some analysts believe this capitulation could mark a key accumulation phase.
Crypto strategist Ali Martinez suggests the current environment offers a high-reward setup for patient investors.
“Long-term holders selling often signals market bottoms. Historically, these phases precede bullish reversals,” Martinez explained.
Meanwhile, analyst Luciano_BTC points to a falling wedge pattern forming on ETH’s daily chart — a technical formation known to precede breakouts. With daily volume now up 36% to $35B, momentum may be building beneath the surface.
Whale Panic or Smart Money Reset?
The irony isn’t lost on traders: many of these whales held their ETH through the 2021–2022 highs near $4,000, only to exit now, post-capitulation. Is this a sign of institutional anxiety — or a simple profit-taking strategy after a long hold?
Blockchain data suggests that newer wallets have begun accumulating at these levels, possibly supporting the bullish thesis over the next few weeks — especially if ETH holds above $1,580.
What to Watch Next for Ethereum
With Ethereum now testing key technical resistance zones, eyes are on these indicators:
- Breakout above $1,650 may signal confirmation of a bullish trend
- Drop below $1,540 could open the door for further downside
- Ethereum network activity and gas fees remain steady, suggesting user engagement hasn’t dropped dramatically
- Macro triggers, including today’s U.S. CPI print, could drive short-term volatility
ETH may be at a pivotal point — between whale anxiety and technical opportunity. As retail and institutional players assess the signals, the next move could redefine Ethereum’s 2025 price narrative.
