Key takeaways:An Ethereum whale secured a $9.87 million profit after just 14 days.ETHs RSI is signaling a possible short-term correction toward $3,000.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.ETH/USD daily price chart.
Source: TradingViewEthereum whale 0x8C08 exits with 38% gainsOn 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.Transaction history of Ethereums wallet 0x8C08.
Source: LookonchainThe 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 Ethereums bullish momentum to continue, having already gained more than 50% month-to-date (MTD).Top 10 cryptocurrencies by market cap and their 30-day and MTD returns.
Source: MessariAdditional evidence of strategic profit-taking comes from Glassnodes 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.
ETH cost basis distribution heatmap.
Source: GlassnodeThis 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 $3,000Ethereums 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.ETH/USD daily price chart.
Source: TradingViewA 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.
ETH/USD weekly price chart.
Source: TradingViewAs 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 Lees ETH firmThat 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.