A long-dormant Ethereum whale holding 12,001 ETH has sprung back to life after nearly nine years of inactivity.
The whale initially acquired their holdings through ShapeShift in early 2016. However, the whale has begun selling their position amid Ethereum’s recent price surge, according to Spot On Chain data.
Ethereum Whale Enjoyed a 330x return
The whale’s initial investment was valued at approximately $103,000 at an average entry price of $8.58 per ETH.
As the price of Ethereum has surged, this stash has turned into a valuation of $34.1 million. This represents a potential 330x return on investment.
The timing of the whale’s awakening coincides with major price action in the Ethereum market.
ETH has demonstrated strong performance, posting a 16.3% gain over the past 30 days and a 7.7% increase in the last 24 hours at press time.
Ethereum was trading between $2,608.99 and $2,872.56 in the past day and was trading as low as $2,373 in the last seven days.
Price Momentum builds for Ethereum
Despite the current price surge, Ethereum remains 42.1% below its all-time high of $4,878.26, recorded on November 10, 2021.
However, technical analysts are identifying bullish patterns that could signal further upward momentum.
Market analyst MadeByAK has identified $2,840 as a crucial resistance level for Ethereum. As per the analyst, this is where the daily order block (OB) and weekly fair value gap (FVG) converge.
A successful break above this threshold could change this resistance zone into a support level. He also added that it could trigger a move toward the $3,100-$3,300 range.
The recent breakout above the volume profile point of control (POC) has been interpreted as a semi-bullish signal, suggesting building momentum.
The analyst suggested that he is closely monitoring the $2,840 level. MadeByAK is also considering swing trade opportunities targeting $3,300, with protective stops suggested below $2,750.
ETH Continues to Trade in an Ascending Triangle
Supporting this bullish outlook, analyst The Moon Carl has noted that Ethereum continues to trade within an ascending triangle pattern.
He suggested a potential movement toward $3,350 in the next price surge.
The awakening of dormant whales often signals the next major market movements. This is because large holders begin to take profits after extended periods of inactivity.
These whale movements are being closely monitored by market participants, as large-scale selling could potentially impact Ethereum’s price action.
