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Ethereum sees increased optimism as another dormant whale awakes after 8 years

By:
on May 29, 2023
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  • A dormant Ethereum whale turned active after eight years, moving 8,000 Ether within minutes.
  • The crypto community expects Ethereum to climb toward $2,000.
  • Ethereum whale wallets have re-emerged over the last few months.

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Ethereum (ETH), the second-largest crypto by market cap, gained around 3% over the past day to climb above $1,900 on Monday. The altcoin follows Bitcoin’s moves. Invezz.com news revealed that Bitcoin renewed its upward momentum after the debt ceiling tentative deal.

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Ethereum sees increased optimism after an inactive whale address transferred ETH tokens over the weekend, breaking its eight-year dormancy.

Meantime, crypto analysts believe Ether can soar toward the $2,000 value area, where it may encounter a challenging hurdle. The altcoin formed solid support at $1,786 – $1,839 (3.54M addresses purchased 8.85M Ether at this region).

Buyers should prepare for the massive resistance at $2,063 – $2,120 (823,540 wallets bought 24M Ether at this value area). Meanwhile, Ethereum has trailed Bitcoin’s movements since January 2023. The alt has gained 60% since the year started.

Ethereum whale breaks 8-year dormancy

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Fascinating development reveals that a dormant Ethereum wallet turned active after ICO in 2025. @WhalesFinder tweeted that the inactive wallet moved 8,000 ETH in minutes during the weekend.

The addresses received the 8,000 coins during the ICO and remained dormant until 27 May. The owners transfer one token on Saturday before sending 7,999 ETH a minute later.

The tokens are worth approximately $15  million at the current ETH price. Meanwhile, the investor paid $2,500 during the ICO in 2015. Meanwhile, the cryptocurrency community has speculated about the reasons for the latest Ethereum transfers.

Multiple Ethereum wallets (from the ICO period) have become active over the past few months. For instance, addresses holding 2,365 Ethereum tokens transacted for the first time in about eight years on 24 April – sending 2,360 or 2.365 Ether tokens to a new wallet.

Also, another inactive wallet sent 10,226 ETH to a new wallet on 5 March, breaking a five-year dormancy. Moreover, analyst Lookonchain tweeted (29 May) that an Ethereum whale deposited $44M worth of ETH to Binance.

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