Key Points
- An inactive Ethereum whale has suddenly become active, depositing 1,500 ETH into the Kraken exchange.
- The Ethereum stash, acquired for $6,200, is now worth roughly $80.48 million.
A blockchain analytics platform has identified an inactive Ethereum whale that has suddenly sprung into action. This whale, who participated in Ethereum’s Initial Coin Offering (ICO), has been dormant for nearly 8 years with a stash of 20,000 ETH.
Resurgence of a Dormant Ethereum Whale
On October 29, it was reported that the whale reactivated their wallet after 8 years of dormancy. The whale was observed depositing 1,500 ETH, equivalent to $6 million, into the Kraken cryptocurrency exchange. This marks the first time the whale has made a transfer since receiving 20,000 ETH from the ICO.
At the time of purchase, the Ethereum holdings were bought for around $6,200. Currently, Ethereum is trading at $4,019.11, having experienced a 2.62% dip in the last 24 hours. The stash is now valued at approximately $80.48 million. This means that the whale has seen a 12,971x return by holding onto Ethereum for 8 years. The reason for the sudden activity remains unknown.
Ethereum Attracting Investors
Interestingly, Ethereum is showing a strong rebound and attracting more investors, even more than Bitcoin. Despite failing to break past the $4,250 resistance in recent days, market analysts remain optimistic about a potential rebound.
Market analyst Ted Pillows noted that Ethereum’s price action is indicative of a “strong bounceback.” He suggested that this positive sentiment could push Ethereum’s price into the $4,200-$4,300 range in the short term. In mid-October, Pillows acknowledged that the bulls had successfully reclaimed the $4,060 support level for Ethereum.
He pointed out that the asset was showing a V-shaped recovery pattern at the time, which is considered a bullish signal indicating strong market momentum. Pillows identified $4,250 as the next crucial resistance level for Ethereum, stating that a breakout above this level could potentially put the bulls back in control of Ethereum’s short-term trend.
