ETH To Rally To $2000, Dormant Ethereum Wallet Turns Active in 8 Years

The world’s second-largest cryptocurrency Ethereum (ETH) has shown an upside move of 3% shooting past $1,900 in the early trading hours of the Asian market. ETH follows Bitcoin price gains as hopes over the US increasing the debt ceiling, ignite.

As per the technical chart, the Ethereum (ETH) price could rally up to $2,000 further, after which, it might face strong resistance. Popular crypto analyst Ali Martinez explains:

Ethereum has built an important support level between $1,786 and $1,839, where 3.54 million addresses bought 8.85 million $ETH. Still, it faces stiff resistance at around $2,063 – $2,120, where 823,540 addresses had previously purchased 24 million ETH. 

Since the beginning of the year 2023, Ethereum (ETH) has given gains in accordance with Bitcoin. As of now, ETH is already trading at 60% gains since the beginning of the year.

Ethereum Dormant Wallet Turns Active After ICO

In an interesting development, an Ethereum (ETH) wallet has recently turned active in eight years since the ICO in 2015. As per data on Lookonchain, this dormant Ethereum wallet moved a total of 8,000 ETH within minutes over the last weekend.

During the ICO time, the wallet received a total of 8,000 ETH and remained inactive until May 27. Last Saturday, the owner of the wallet first made a cautionary transfer of 1 ETH. But one minute later, the owner transferred a total of 7,999 ETH to the new wallet address.

An Ethereum ICO participant who has been dormant for 8 years woke up today.

He transferred all 8000 $ETH($14.7M) to a new address.https://t.co/1griKB9Te9 pic.twitter.com/1bvQh3zsqY

— Lookonchain (@lookonchain) May 28, 2023

As of the current price, this ETH stash is worth around $15 million. Back at the time of ICO in 2015, the owner had purchased this 8,000 ETH for $0.31 for a total investment amount of $2,500. The crypto community has been speculating on the reason behind the current transfer with people making wild guesses.

In recent months, there have been multiple instances of Ether wallets from the ICO era re-emerging. For example, on April 24, a wallet holding 2,365 ETH ($4.5 million) made its first transaction in nearly 8 years, with the owner transferring 2,360 ETH to a new address. Similarly, on March 5, another wallet that had been inactive for five years transferred 10,226 ETH ($19.6 million) to a new address.

In another latest update, Lookonchain reported that an ETH whale deposited 23,000 ETH worth a staggering $4 million on Binance.

After the price of $ETH rose, a whale deposited 23,080 $ETH ($44M) to #Binance 20 mins ago.

The average withdrawal price of $ETH is $1,820.https://t.co/ez9DE42zpo pic.twitter.com/O6Kg9MLBrL

— Lookonchain (@lookonchain) May 29, 2023