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An anonymous whale address beginning with 0x08E, which had held Ethereum long term and remained dormant for five years, deposited 1,250 ETH worth about $3.14 million into the MAX exchange around two hours ago. Exchange deposits are typically interpreted as a sign of selling intent.
According to on-chain analytics platform Arkham, the address received 1,500 ETH in September 2021, worth about $4.74 million at the time. The whale had not moved its ETH holdings even once after that. CoinMarketCap data shows ETH was trading at $2,507.95, down 0.51%, at the time of writing.