Key takeaways:
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An Ethereum whale secured a $9.87 million profit after just 14 days.
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ETH’s RSI is signaling a possible short-term correction toward $3,000.
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Despite profit-taking, long-term holders are showing sustained bullish conviction.
A high-profile Ethereum whale locked in a nearly $10 million profit after unloading a major chunk of their Ether (ETH) holdings. The profit-taking occurred as Ether ended its eight-day winning streak by falling over 3% on Tuesday.
Ethereum whale ‘0x8C08’ exits with 38% gains
On Tuesday, Ethereum address “0x8C08…” offloaded 8,005 ETH for about $30.03 million, at an average price of $3,751, according to data resource Lookonchain.
The whale initially accumulated 9,582 ETH just two weeks prior at an average entry of $2,725, amounting to an investment of $26.11 million. The recent sale yielded a $9.87 million profit, marking a 38% return in under 14 days.
The wallet still retains 1,577 ETH (worth around $5.96 million), suggesting a strategic partial exit rather than a complete liquidation.
It also suggests that the whale expects Ethereum’s bullish momentum to continue, having already gained more than 50% month-to-date (MTD).
Additional evidence of strategic profit-taking comes from Glassnode’s “Cost Basis Distribution Heatmap,” which highlights clusters of buying based on the average acquisition price.
The red band around the $2,520 level, representing high-volume buying in early July, has faded recently.
This visual shift implies that many of these holders, now sitting on sizable unrealized gains, have begun to lock in profits.
Wallets in this price range continue to hold nearly 2 million ETH, indicating that most holders are not selling.
As noted by Glassnode, this behavior suggests that fresh demand is effectively absorbing the sell-pressure, a sign of probable long-term bullish conviction rather than distribution.
Ethereum overbought correction targets $3,000
Ethereum’s eight-day winning streak has pushed its 14-day RSI into overbought territory, now near 78.
Historically, such readings have preceded short-term pullbacks, as seen in late May, when ETH corrected 18.6% after a similar RSI spike.
A comparable scenario is now unfolding. The first signs of cooling emerged on Tuesday, with ETH pulling back from its local high near $3,800.
The price could revisit the $3,000–$3,200 range by August if momentum fades further. This range coincides with the 20-day exponential moving average (20-day EMA; the purple wave), a key support level.
A move toward $3,000 would still place Ethereum comfortably above its multi-year ascending trendline, as shown on the weekly chart.
As long as ETH holds above its multi-year ascending trendline, the price structure remains favorable for continued upside.
Related: Cathie Wood sells Coinbase, Roblox shares for Tom Lee’s ETH firm
That could allow for a period of reaccumulation before attempting a move toward the $3,800–$4,100 resistance area and beyond. Some analysts anticipate the ETH price to reach $8,000 in the coming months.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.