Ethereum Whale That ‘HODLed’ ETH For 3 Years is Finally Dumping

A dormant Ethereum wallet that held onto its Ether (ETH) holdings for three years is now dumping them, indicating a growing cautious sentiment among the most hardcore crypto traders.

Are Ethereum OGs Panic-Dumping ETH Amid Trump Scare?

On April 11, the wallet sold 7,974 ETH—worth around $11.8 million—within just two hours at an average price of $1,479. The abrupt liquidation suggests the whale no longer sees short-term upside for Ethereum and may be looking to exit while demand remains.

Despite the sell-off, the whale still controls 30,606 ETH, valued at roughly $45.7 million. The remaining balance raises the risk of further downward pressure on ETH if more sell orders follow.

This wallet joins a broader trend of “Ethereum OGs” offloading coins in 2025. Dormant addresses have reemerged throughout the year to take profits or cut losses, especially as Ethereum continues underperforming Bitcoin (BTC) and rival Layer-1 networks like Solana (SOL).

The 30-day average coin dormancy reached its highest in February, following US President Donald Trump’s announcement of tariffs against Mexico, Canada, and China.

As of April 11, it was rising again, particularly after Trump’s global tariff announcement over a week prior.

Traders are further rotating capital out of US-based Spot Ethereum ETFs, with the Farside Investors data showing about $2.33 billion in assets under management until April 11 compared to the year-to-date peak of $3.19 billion established two months ago.

Furthermore, Ethereum’s strongest investors—entities that hold over 10,000 ETH—have witnessed sharp declines in their count since February, according to data resource Glassnode.

ETH’s price has plunged by over 50% year-to-date and was trading for around $1,500 as of April 11.

Ethereum Most Oversold Since 2022

Ethereum’s MVRV-Z Score has dipped into the “undervalued” zone, raising red flags about the asset’s near-term price trajectory and suggesting that ETH could face deeper losses before staging a recovery.

The MVRV-Z Score, which compares Ethereum’s market value to its realized value (essentially the average price at which coins last moved), helps identify periods of extreme overvaluation or undervaluation.

Historically, when the MVRV-Z Score enters negative territory—especially below the -1 level—it indicates that most ETH holders are at a loss, a scenario often preceding cycle bottoms.

As of April 11, the chart shows Ethereum’s MVRV-Z Score hovering near zero and trending downward.

Traders typically interpret a declining MVRV-Z Score as a sign of capitulation. In previous market cycles, extended periods in the negative zone have coincided with accumulation phases, where smart money begins to re-enter at depressed prices.

Could ETH Price Rebound 50% Next?

Ethereum is currently testing a historically significant accumulation zone around $1,500–$1,600, as highlighted in a weekly chart. This area acted as a springboard for past rallies in 2023 and late 2022, triggering gains of up to 168% and 45%, respectively.

The RSI on the weekly chart is near 31.25—just above oversold levels—while price action shows ETH bouncing slightly from this support area.

Ethereum could stage a short-term relief rally toward its 200-week exponential moving average (EMA; the blue wave) near $2,260, up around 50% from the current price levels if the pattern repeats.

Still, a breakdown below the accumulation zone would invalidate the bullish setup and open the door to a deeper correction, potentially toward the $1,000-1,200 range.