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. This increase in Ethereum’s price follows the gains in Bitcoin as the US considers increasing the debt ceiling, bolstering market optimism. According to technical charts, Ethereum’s price could rally up to $2,000 before it might face strong resistance.
Popular crypto analyst Ali Martinez points out that Ethereum has built a robust support level between $1,786 and $1,839, where 3.54 million addresses bought 8.85 million ETH. However, it could face stiff resistance around the $2,063 – $2,120 mark, where 823,540 addresses previously purchased 24 million ETH.
Since the start of 2023, Ethereum has delivered gains comparable to those of Bitcoin. At present, ETH is trading at a 60% gain since the beginning of the year.
In an interesting development, an Ethereum wallet that has been dormant for eight years since the ICO in 2015 has recently turned active. Data from Lookonchain reveals that this dormant wallet moved a total of 8,000 ETH within minutes during the last weekend. The wallet first made a cautionary transfer of 1 ETH, followed by a transfer of 7,999 ETH to a new wallet address within a minute.
The current value of this ETH stash is around $15 million. During the ICO in 2015, the owner bought this 8,000 ETH for $0.31, making a total investment amount of $2,500. The crypto community is speculating on the reasons behind this recent transfer, with many guessing wildly.
In the past few months, there have been several examples of Ether wallets from the ICO era re-emerging. For instance, on April 24, a wallet holding 2,365 ETH made its first transaction in nearly eight 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 to a new address, valued at $19.6 million.
Moreover, Lookonchain recently reported that an ETH whale deposited 23,000 ETH, worth a staggering $44 million, on the Binance exchange. The average withdrawal price of this ETH was $1,820.
It’s worth noting that the content presented here may reflect the personal opinion of the author and is subject to market conditions. Always do thorough market research before investing in cryptocurrencies, as the author or the publication does not hold any responsibility for personal financial loss.
Source: Coingape
