- A new wallet acquired 9,610 ETH worth $14.54M, showing strong confidence in Ethereum’s future.
- “7 Siblings” converted 1,611 MKR into 1,364 ETH (~$2M), signaling belief in price appreciation.
- Dormancy flow below 1M suggests ETH is undervalued; breakout target now set at $1,835.
Ethereum is currently trading above $1,500 as signs of renewed interest appear across the market. Recent movements among large investors indicate a growing level of confidence in the asset’s future direction, even as the broader crypto market remains cautious.
A newly created wallet has attracted attention by acquiring 9,610 ETH, valued at $14.54 million. According to Spot On Chain, the wallet initially withdrew 5,000 ETH from Kraken. It then secured $7 million in USDS through a loan on Spark, using Ethereum as collateral. These funds were subsequently used to purchase an additional 4,600 ETH at an average price of $1,518.
Another group, known as the ‘7 Siblings,’ has swapped 1,611 MKR tokens over the past two days, acquiring 1,364 ETH valued at around $2 million. Their strategic moves indicate a strong belief that Ethereum’s value is poised to rise.
Ethereum On-Chain Metrics Signal Market Reversal
Market analyst Ali Martinez has observed a key on-chain metric that supports the view that Ethereum may be undervalued. On April 11, Martinez pointed out that the entity-adjusted dormancy flow has declined below 1 million. This level has historically been linked with macro bottom zones, where long-term holders are less inclined to sell.
This historically indicates a macro bottom zone, meaning $ETH might be undervalued and long-term holders are less inclined to sell,” Martinez stated.
He also explained that such a trend often reflects weakened sentiment and the likelihood that market capitulation may have already occurred. If that is the case, current market conditions could present a buying opportunity for those looking to enter or expand long-term positions.
In a separate analysis, the pseudonymous crypto commentator NotWojak posted a positive outlook for Ethereum. According to the analyst, recent liquidity sweeps have pushed prices to lower lows, yet these could now serve as signals for a reversal. Two supply zones—$1,425 and $1,600—have been identified as critical levels in the near term.
Ethereum Breakout Target Set Above $1,800
The $1,425 level has already been addressed during the recent retracement, leaving $1,600 as the next point that may become resistance if Ethereum advances. If support holds just below $1,350, as suggested by the analyst, Ether may be in position for a breakout. The projected target for such a move stands at $1,835, which would represent a 20% increase from current levels.
While volatility continues to shape the crypto landscape, the accumulation patterns and technical signals currently surrounding Ethereum suggest a possible recovery phase is underway. With millions in ETH gathered by large holders and analysts pointing to undervaluation, conditions appear increasingly favorable for a significant upward move.
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