Dormant Ethereum Whale Holding 12,001 ETH Wakes Up After 9 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

A long-dormant Ethereum whale has sprung back to life after nearly nine years of inactivity, beginning to sell their massive ETH holdings amid the recent price surge.

The whale initially acquired their holdings through ShapeShift in early 2016. The holdings, which were acquired at an average entry price of $8.58 per ETH, were valued at approximately $103,000 at the time of purchase.

However, as the price of Ethereum surged over the years, this stash has now turned into a valuation of $34.1 million, enjoying a 330x return on their initial investment.

The timing of the whale’s awakening is significant as it 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.

While ETH price surged to as high as $2,872.56 in the past 24 hours, the second-largest cryptocurrency by market cap also recorded lows of $2,608.99 in the same time frame.

Moreover, ETH was trading as low as $2,373 in the last seven days, with highs of $2,872.56 in the same period.

Despite the current price surge, ETH is still down 42.1% from its all-time high of $4,878.26, which was 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 ETH, where the daily order block (OB) and weekly fair value gap (FVG) converge.

A successful break above this threshold could see this resistance zone pivot into a support level, which could propel ETH toward the $3,100-$3,300 range, as per the analyst.

The recent breakout above the volume profile point of control (POC) is also being interpreted as a semi-bullish signal, suggesting building momentum.

“Volume profile POC breakout on the daily. I'm watching $2,840 closely. Also eyeing swing trade opportunities targeting $3,300, with protective stops suggested below $2,750,” the analyst noted.

Further supporting this bullish outlook, analyst The Moon Carl notes that ETH continues to trade within an ascending triangle pattern, suggesting a potential movement toward $3,350 in the next price surge.

The awakening of dormant whales often signals the next major market movements, as 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 ETH price action.