Ethereum Whale Wakes After 7 Years: Moves Millions Just as ETH Rebounds Hard
- Ethereum rebounded nearly 8% after dropping to a local low of $1,415, now trading around $1,584
- A dormant whale moved 2,000 ETH to Kraken after 7 years, sparking speculation on market intentions
- ETH bounced back from the $1,500 support zone, showing strong buyer interest at lower levels
- Community sentiment is shifting bullish, with some targeting $6,000 if momentum continues
Ethereum (ETH) has been under pressure recently, hit hard by extreme volatility and a wave of sell-offs that sent shockwaves across the broader crypto market. The second-largest cryptocurrency by market capitalization plunged below its key support level, crashing to a local low of $1,415, its lowest point in recent months.
However, after a sharp downturn, the market is catching its breath, and Ethereum is showing early signs of a rebound. In the last 24 hours alone, ETH has climbed nearly 8%, now trading at $1,584.47.
Its regaining momentum with a 24-hour trading volume of $47.92 billion and a market cap of $191.20 billion, indicating renewed interest from investors and traders. The price action suggests that ETH is attempting to break through short-term resistance levels as it follows the broader market recovery.
Whale Moves After 7 Years of Silence
Adding a twist to the current price narrative, Lookonchain data revealed a fascinating whale activity. An Ethereum OG, an early investor, has resurfaced after 7 years of dormancy, transferring 2,000 ETH (worth $3.11M) to Kraken.
This long-term holder originally purchased 10,001 ETH for $3.52 million back in November 2017 at a price of $352. Remarkably, they didnt sell even during ETHs previous all-time high at $4,878, where their holdings were worth around $48.7 million.
Now, with the recent movement, the investor is sitting on a $12.3 million unrealized profit. The move sparked speculation within the community, whether its profit-taking or simply portfolio rebalancing.
Ethereum Bounce Sparks Hope After Sharp Dip
From a technical standpoint, Ethereum recently tested the $1,500 support zone, which remains a significant demand level. While ETH dipped briefly below this zone, it has since bounced back, highlighting strong buyer interest around this level.
However, a clean break below $1,500 could open the door to deeper losses, potentially dragging ETH down to the psychological support at $1,000. However, bullish traders remain optimistic.
A prominent sentiment circulating in the crypto community suggests that the worst of the correction may be over. As one enthusiast put it, No more massive sell-offsjust chill and hold on tight. Bold predictions have re-emerged, with some eyeing a long-term target of $6,000 if ETH can sustain its momentum and ride the next market wave.
Ethereums recent drop was a stark reminder of how quickly sentiment can shift in crypto. Yet, the rapid bounce suggests resilience, and whale activity could be a sign that major players are preparing for the next big move.
As the market steadies, Ethereum is one to watch closely, especially if it reclaims the $1,600 level and begins its next leg up.
Related Reading | Australia Shuts Down 95 Firms Linked to Crypto Scams, $35.8M in Losses
Text source: TronWeekly
