- An Ethereum ICO-era wallet reactivates after 10 years, moving 1 ETH and revealing a $2.4M gain from a $310 investment.
- Another dormant whale transferred $12.1M in ETH to Kraken, sparking concerns over possible sell pressure.
- Despite rising accumulation, ETH lags behind Bitcoin as Standard Chartered cuts its 2025 price target to $4,000.
Ethereum is once again at the center of attention as it wobbles on the edge of a significant breakout, delighted by renewed market momentum following weeks of macro-driven volatility. This technical setup has prompted both traders and long-term investors to watch closely, hoping for a strong rebound from the recent downturn.
According to blockchain analytics firm Lookonchain, a rare and notable event has added fuel to the conversation: a whale wallet from Ethereum’s 2014 initial coin offering (ICO) era has just reawakened after a decade of silence. The address, which had been inactive for 10 years, stirred back to life with a transfer of just 1 ETH, but it tells a much bigger story.
Back during Ethereum’s ICO phase, the price of one ETH was around $0.31 to $0.40. In exchange for a single Bitcoin (BTC), early adopters received between 1,337 to 2,000 ETH. Fast forward to today, and that once-$310 investment has ballooned into approximately $2.44 million, marking a notable return of 787,000%.
This whale reactivation isn’t an isolated incident. Another long-dormant address recently transferred $12.1 million worth of ETH to Kraken. These reawakenings are drawing attention and sparking debate across the crypto community, with some viewing them as a potential sign of increased sell pressure ahead.
Meanwhile, Ethereum is currently trading at $ 2,497 with a 24-hour trading volume of $ 18.10 billion and a market cap of $ 302.23 billion. The ETH price increased 2.74% in the last 24 hours. Despite its recent bullish setup and growing whale activity, ETH remains down more than 49% from its all-time high reached in late 2021.
Also Read: Ethereum (ETH) Locked Tight: 35M Coins Staked As Liquidity Falls To Post-Merge Lows
Ethereum Hits Accumulation High Amid Bearish Outlook
Adding a layer of optimism, recent data shows that Ethereum accumulation has hit a new cycle high, signaling strong confidence from current holders despite market headwinds. Yet, Ethereum’s relative underperformance compared to Bitcoin remains one of this year’s defining narratives in crypto. Bitcoin’s dominance has steadily increased, leaving many altcoins, including Ethereum, struggling to regain momentum.
In a more sobering outlook, Standard Chartered recently revised its 2025 price target for ETH to $4,000, a far cry from earlier bullish forecasts. And given ETH’s current trajectory, even this conservative target is beginning to look overly optimistic.
As Ethereum attempts to reclaim lost ground, the re-emergence of ICO-era whales and its technical setup suggest the coming weeks could prove pivotal in determining whether ETH can truly stage a sustainable comeback or face further consolidation.
Also Read | Ethereum (ETH) Poised for a Massive Rally After 4 Years of Consolidation: Analyst
