After a surprising nine-year hiatus, a dormant Ethereum whale has resurfaced, executing significant transfers that have captured the attention of the crypto community. Whale Alert, a prominent blockchain tracker, reported the reactivation of an old Ethereum wallet that had been inactive since late 2014.
The revived wallet, holding 11,640 ETH valued at approximately $26.49 million, sparked debates within the crypto sphere. The sudden activity of the whale, which had been static since Ethereum’s initial coin offering (ICO) in 2014, fueled speculations and humorous comments among community members.
Recently, there has been a notable trend of previously inactive Ethereum wallets becoming active and liquidating significant amounts of ETH. This increase in activity coincided with Ethereum’s 10% price surge in early December, with ETH reclaiming the $2,377 level, leading several whales to capitalize on gains by selling ETH acquired during the ICO.
Despite a correction on December 10th, where Ethereum briefly relinquished its 10% gain, the cryptocurrency demonstrated a strong recovery, recording a 7.38% increase. As of the latest update, Ethereum trades above the $2,200 resistance level at $2,285, maintaining stability above $2,000 amidst market turbulence.
Historically, Ethereum’s performance in the first quarter of each year has been interpreted as a buying opportunity, suggesting productive outcomes for ETH’s initial quarter. As we approach the first quarter of 2024, a similar pattern may emerge.
While Ethereum whale movements continue daily, the most intriguing are those from wallets that have lain dormant since the ICO period. The recent event, involving a movement of roughly $26.5 million worth of Ethereum (ETH), has turned investors’ eyes towards this whale. Additionally, today Arthur Hayes speculated that the ETH price could be on its way to $5,000.