The short version
- A wallet Lookonchain links to the Ethereum Foundation sold another 2,000 ETH ($3.87M) on Friday, its fourth sale since October.
- Two buyers took the other side: whale 0x4cee added 10,380 ETH ($19.91M) and Chun bought 5,746 ETH ($11.09M), $31.0M in total.
- ETH bounced to $1,980.51 from a $1,895.95 low but still trades below $2,000 and its 200-day average at $2,148.94.
“How much further will ETH fall?” That was Lookonchain’s question on Friday morning, after an Ethereum Foundation-linked wallet, as it labels the address, sold another 2,000 ETH. Two other Ethereum whales answered it with their wallets: they bought $31 million worth of ETH under $2,000 in the hours that followed.
ETH trades at $1,980.51 at the time of writing (13:50 UTC), about 4.5% above the $1,895.95 low it hit on Binance shortly after 05:00 UTC, its lowest price since August. So who sold, who bought, and does either side tell you where ETH goes next?
The sale that started the day, as Lookonchain posted it:
The #EthereumFoundation-linked wallet (0x5CBC) just dumped another 2,000 $ETH($3.87M)!
Every time #EthereumFoundation-linked wallets dump $ETH, the price drops.
Oct 12: $ETH down 9%.
Oct 26: $ETH down 7.7%.
Nov 10: $ETH down 10.4%.
Today marks the 4th sale. How much further
Who Sold: the Ethereum Foundation-Linked Wallet
The seller is wallet 0x5CBC (full address 0x5CBC6299faB3320E7758ac97fd4CA45E5B722059). Lookonchain calls it “Ethereum Foundation-linked”. That label comes from on-chain tracking: it is no official Foundation wallet, and the Foundation hasn’t commented on it.
It sold 2,000 ETH for $3.87 million, about $1,935 per coin. The same kind of selling showed up earlier this month too, when Ethereum whales sold into ETH’s 8% jump on November 4. That is small next to the day’s volume. What made traders look is the track record. Lookonchain counts this as the fourth sale it has flagged since October, and ETH fell after each of the first three:
- October 12: ETH down 9%
- October 26: ETH down 7.7%
- November 10: ETH down 10.4%
Three out of three looks like a pattern, though it proves little. ETH was already in a downtrend through all three dates, with five red weekly candles in a row on Binance, so the wallet may simply have been selling into weakness. Friday’s timing points the same way: the sale landed nearly two hours after the low.
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Who Bought: Whale 0x4cee and Chun
Two buyers, and they don’t look alike.
The first is whale 0x4cee (0x4cee611502f378300981807d506629DA35cee4a7). Lookonchain says it bought 10,380 ETH for $19.91 million around 06:40 UTC, roughly an hour before its post. The wallet has done this before. Two months ago the same wallet made $3.66 million trading 10,500 ETH, buying low and selling high.
This time the trade is underwater. The wallet now holds 25,498 ETH worth $49.44 million at an average price of $2,382, which leaves it with $11.3 million in unrealized losses. In other words, it is averaging down, adding more at lower prices to bring its entry closer to the market.
Whale 0x4cee, who made $3.66M buying low and selling high on 10,500 $ETH ($23.64M) 2 months ago, bought another 10,380 $ETH ($19.91M) just 1 hour ago.
The whale has now accumulated 25,498 $ETH ($49.44M) at an average price of $2,382 and is sitting on $11.3M in unrealized losses.
The second buyer is Chun (@satofishi on X), and his trade is a round trip. On November 4 he sold 6,200 wstETH (staked ETH in a wrapped token) for $18.5 million in USDC, when ETH traded near $2,400. Since then he has been buying back:
- 5,246 ETH for $10.78 million at an average of $2,054, over November 10 to 12
- 5,746 ETH for $11.09 million on Friday, around 10:00 UTC
That is 10,992 ETH bought back for $21.87 million. He has spent more than the $18.5 million he took out, at prices roughly 14% to 20% lower than where he sold.
Add up Friday’s two buys and you get $31.0 million: $19.91 million from 0x4cee and $11.09 million from Chun. Against them sits a $3.87 million sale. By dollars, the buyers won the day eight to one.
SIDE TRAIL: Ethereum Price Prediction: ETH Lost $2,000, Is $1,850 to $1,950 the Last Support Before Cycle Lows?
What It Means for the ETH Price
On its own, not much. Two buyers and one seller are three wallets in a market that traded $14.87 billion of ETH in 24 hours, so none of these trades moves the price by itself. What they show is where conviction sits. One side with a long record is trimming, and two traders who timed ETH well before are adding at the August lows.
The bounce since Friday’s low fits the buyers’ side for now. Still, no single ETH whale gets to decide this; the ETH price will settle who was right. ETH is back near $1,980, but it still trades under $2,000 and below its 200-day moving average (MA) at $2,148.94, the line that separates a shakeout from a real downtrend.
The rest of the market isn’t much help. Bitcoin fell below $70,000 early on Friday, the spot Ethereum ETFs lost $144.8 million on Wednesday, and the Crypto Fear & Greed Index sits at 20, extreme fear.
So keep an eye on the wallets as well as the chart. A fifth sale from 0x5CBC would test the pattern again, and Lookonchain is tracking all three addresses. The next real check is ETH’s weekly close at 00:00 UTC on Monday, November 16.
TRAIL MAP: On-Chain Metrics That Matter: MVRV, Realized Price and Exchange Flows
Satoshi Flipper has more than 20 years of trading experience, starting in stocks before moving into crypto in 2017, and holds an MBA from the Kellogg School of Management. The edge is reading the economic data: rate decisions, inflation, jobs numbers, earnings and the US markets that move Bitcoin.
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