Driven by record corporate adoption and ETF inflows, Ethereum's price is approaching historic highs. Meanwhile, the mysterious '7 Siblings' whale group sold $88 million worth of ETH within 15 hours from a total holding of $5.6 billion.
According to data from LookOnChain, the mysterious whale group '7 Siblings' sold 19,461 ETH within just 15 hours at an average price of $4,532, totaling approximately $88.2 million.
This is the first large-scale liquidation since its cumulative holding of $5.6 billion, or approximately 1.21 million ETH.
This sell-off occurred when Ethereum's price was close to $4,600, only about 5% lower than the historic peak in November 2021, raising concerns in the market about whether institutional profit-taking will impact the upward trend.
At this point, institutional demand is reaching historic highs: as of August 12, Ethereum ETFs have seen inflows for six consecutive days, totaling $523.9 million, while a single-day inflow previously set a record of $1 billion.
In addition, the total value of ETH held by 64 companies has reached $16.4 billion, with BitMine Immersion Technologies holding the largest position of 1.2 million ETH, valued at approximately $5.27 billion.
Despite the whale sell-off, technical indicators show that a historic rebound is still brewing. Analysis indicates that Ethereum has broken out of an 8-year triangular consolidation pattern with Bitcoin, and the ETH/BTC ratio has risen to 0.03917.
This pattern encompasses about half of Ethereum's market volatility. If the current upward momentum continues, it is expected to become one of the most significant technical breakthroughs in cryptocurrency history.
The daily chart shows that ETH has completed the fifth major parabolic cycle, with each cycle creating a higher high while simultaneously forming higher lows.
Currently, ETH has broken through $4,600 and simultaneously escaped multiple long-term consolidation ranges.
Ethereum has decisively broken through a four-year horizontal consolidation zone, demonstrating strong explosive upward potential.
Historical experience shows that similar breakouts have led to returns of up to 54 times: in previous cycles, ETH surged from $80 to over $4,000.
Despite the sell-off by the '7 Siblings' whales, technical trends still suggest that Ethereum's upward momentum remains strong. With its escape from years of consolidation, recent targets could look towards $5,000 to $6,000.
In the long term, if institutional demand remains strong and the historical 8-year breakout pattern continues with a 4 to 10 times increase following the major triangular resolution, then a price of $10,000 to $15,000 remains achievable.
