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- A long-dormant ETH whale has resurfaced after 8.75 years, turning an initial $103K investment into a staggering $34.1M.
- This recent sell-off by Ethereum whales casts doubt on the sustainability of the current market rally.
- Ethereum displays robust technical indicators and has successfully breached the $2,840 resistance level.
Ethereum (ETH) has experienced a significant surge. The token has climbed nearly 24% since election day, reaching over $2,900. This set the stage for a potential bull run.
Interestingly, a long-dormant ETH whale, holding 12,001 ETH, has reactivated after nearly nine years of inactivity. The Whale initially acquired their holdings through ShapeShift in early 2016. Recently, this whale has started selling its ETH amid the price surge, according to Spot On Chain data.
The activity of ETH whales selling during this rally raises concerns about the future. The whale’s decision to liquidate aligns with Ethereum’s steady price gains. This offers an optimal exit point to capitalize on years of appreciation.
This behavior suggested that the whale either had a long-term holding strategy or was waiting for Ethereum‘s value to rise. Continue reading to get more insights into aspects of Ethereum price.
Ethereum Whale Is Delighted By a 330x ROI
The whale initially invested around $103,000, purchasing ETH at an average price of $8.58 per ETH. With Ethereum’s recent price surge, this investment has ballooned to an impressive $34.1 Million. That marked a potential 330x return.
The whale’s reactivation aligns with significant price movements in the Ethereum market. Over the past 30 days, ETH has shown strong performance, gaining 25%. Despite fluctuations, the momentum was particularly intense during the election period.
The ETH price traded between $2,700 and $2,930 in the past day, staying above the 200-day EMA band. At the time of writing, it was priced at $2,903.
Notably, on November 4th, just before the election results, Ethereum dipped to $2,370. It was the lowest price seen in the past seven days.
Can Ethereum Price Hit New All-Time High As Justin Sun Believes Best Time For Accumulation?
In recent months, the ETH price has mirrored Bitcoin‘s movements. However, it remained well below its all-time high of $4,891 in 2021. While Bitcoin has entered new high territories twice this year, ETH crypto has struggled to keep up.
Lately, Ethereum has been a sell-on-rise asset for many investors. However, since the election day price action, it has broken through its downward trend, aiming to surpass $3,000 soon. This breakout could potentially lead to a 75% price rally.
Tron founder Justin Sun commented on this development, stating:
“With the improvement in macro crypto policies, we are very optimistic about the market outlook (including ETH). Instead of selling, we believe it’s an excellent time to continue accumulating and building.”
Even with the recent price increase, Ethereum is still approx 42% below its peak of $4,878. It reached there on November 10, 2021. However, technical analysts spot bullish patterns that may indicate continued upward momentum.
In an X post, an analyst mentioned that Ethereum must overcome a key resistance level of $2,840. It has to do so to continue its upward momentum.
Similarly, Trump’s winning momentum has pushed the ETH’s price over the $2900 mark, which, by theory. This suggested that now it may shoot more upward momentum.
On the intraday chart, a daily close above this $2840 has transformed the block into a resistance-turned-support zone. This is paving the way for a potential rally toward the $3,300 range or possibly even higher.
Ethereum Price Broken Ascending Pattern
During election days, Analyst The Moon Carl has highlighted Ethereum‘s trading within an ascending triangle pattern. He also suggested it could rise to $3,350 in the next price surge.
The chart showed that the ETH price has moved past the pattern’s upper border. It seems only one catalyst away from reaching the target.
On the contrary, the reactivation of dormant whales often indicates significant market shifts. These large holders started to take profits after long periods of inactivity.
Market participants closely watch these whale movements. Large-scale selling could influence Ethereum’s price dynamics.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
