Trader loses $2 million in 2 days selling crypto that soared 60% in a month

A cryptocurrency whale has realized a $2 million loss, despite holding Ethereum ( ETH ), one of the top-performing assets over the past month. The unidentified trader offloaded 10,543 ETH worth approximately $26.1 million at an average price of $2,476 per coin, resulting in a $2 million loss in a sale executed in two days, according to the latest on-chain data retrieved by Finbold from Lookonchain on May 17. Details of the transaction show that the ETH was sold through a series of large swaps, most of which occurred within an hour. The trader used 1inch, a decentralized exchange aggregator, and multiple contract interactions to convert wrapped ETH (WETH) into stablecoins like USDC and USDT. ETH whale transaction. Source: Lookonchain This selloff coincided with a slight downturn in the broader cryptocurrency market , during which Ethereum also saw short-term losses. Rather than holding through the dip, the whale opted to exit the position, despite Ethereum maintaining support above the $2,500 level. Meanwhile, on-chain data shows increased whale activity around Ethereum amid the price pullback. On May 17, another large holder withdrew 6,053 ETH, worth roughly $15.66 million, from cryptocurrency exchange OKX, possibly signaling profit-taking following Ethereum’s recent rally. Ethereum price analysis Notably, Ethereum has been among the best-performing assets in recent weeks, gaining around 61% over the past month to trade at $2,518 at the time of writing. ETH seven-day price chart. Source: Finbold ETH has remained consolidated on the daily and weekly charts, with gains of 1.2% and 1.4%, respectively. Market sentiment around Ethereum remains bullish. The current price is trading above the 50-day and 200-day simple moving averages ( SMA ), suggesting continued upward momentum. However, caution is warranted as Ethereum’s 14-day Relative Strength Index ( RSI ) stands at 66.51, nearing the overbought threshold. As reported by Finbold, analysts such as veteran trader Peter Brandt believe the recent momentum around the asset has built the foundation for a new high, noting that ETH is set for the ‘moon shot’. Featured image via Shutterstock The post Trader loses $2 million in 2 days selling crypto that soared 60% in a month appeared first on Finbold .

Source: Finbold