Key Insights:
- Ethereum reclaims $2,600 as a Genesis-era wallet moves 0.002 ETH after nearly 10 years of silence.
- Golden Cross formation nears on ETH charts, signalling potential 35% rally if historic trends repeat.
- Consistently favourable ETH funding rates since May reflect the growing dominance of long positions in the futures market.
Ethereum (ETH) rebounded 3.81% on June 16, climbing to $2,615.78, according to CoinMarketCap. The asset had briefly dropped below $2,500 late on June 15, but recovered during early trading the next day, reclaiming key resistance zones.
The move coincided with rare on-chain activity. A dormant Genesis-era Ethereum wallet made its first transaction in nearly a decade, drawing attention from traders and analysts.
Genesis-Era Ethereum Wallet Activates After Nearly a Decade
According to blockchain data and analysts cited by Crypto Beast, an Ethereum address that received 2,000 ETH during the 2015 Genesis sale has resurfaced after 3,607 days of inactivity. The initial investment at the time was approximately $620.
Amid Ethereum’s price surge, the long-dormant wallet showed its first signs of activity in nearly a decade by transferring 0.002 ETH in two separate transactions. Based on current prices, the total value of the moved funds was around $5.23. Analysts confirmed that the wallet had remained idle for 3,607 days before the June 16 activity.
This type of movement has previously signalled possible future asset shifts, primarily when small amounts are used for testing. The transfers occurred within a 44-minute window, with both amounts of 0.001 ETH sent to the same destination.
Technical Analysis Shows Price May Revisit $2,400 Before Rebound
At the same time, analysis from Michaël van de Poppe, tracking ETH’s technical patterns identified potential short-term weakness in the market. Ethereum recently failed to sustain gains above $2,600, prompting speculation that it may fall toward the $2,400 support area. This level is seen as critical for liquidity collection and buyer interest.
According to chart analysis, a dip to the $2,400 zone could precede a bullish reversal. Data indicates a drop in both trading volume and relative strength index (RSI), pointing to market consolidation. Despite this cooling trend, long-term indicators continue to reflect a broader uptrend.
The next significant resistance level remains between $2,960 and $3,000, with price action closely watched near these zones. In the background of this short-term movement, on-chain trends show that Ethereum’s funding rates have consistently turned positive since early May.
This shift aligns with increased confidence in long positions among leveraged futures traders. The sustained favourable rates mark a change from the largely neutral or negative funding observed between late March and April.
Golden Cross Pattern Approaching on Ethereum Daily Chart
Meanwhile, data from a known analyst, Ash Crypto, predicts Ethereum’s 1-day chart is displaying signs of a possible “Golden Cross,” a technical formation that may appear within days. The pattern occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA.
Historical data shows that Ethereum tends to rally quickly after this crossover, unlike Bitcoin, which often sees delayed reactions. The last instance of this pattern on Ethereum led to a gain of over 35% in under a month.
As of June 16, both EMA lines are converging closely, with ETH trading near $2,527.98. If the crossover completes, technical analysts expect it to signal a reversal of the recent bearish trend.
Ethereum Futures Market Sees Bullish Long Position Trend
In the meantime, Ethereum open interest (OI)-weighted funding rates have been consistently positive since early May, which is a change of sentiment in the derivatives markets. According to the data provided by Coinglass, this tendency can be observed after a few weeks of negative or neutral rates recorded in the period between late March and April, when the prices of ETH decreased.
As the price of ETH stands at a stable position between 2400 and 2700, the funding rate currently shows that long positions rule the futures market. This indicates that traders are getting ready for an uptrend in prices.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
